President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
The plan would raise the tax from 3.8 percent to 5 for those earning above $400,000 per year. The proposal is a bid to get Republicans on board with a 2024 budget bill.
"Millions of Americans have been working their whole lives, paying into Medicare with every working day, and want to know that they can count on Medicare to be there for them when they turn 65," the White House said in a statement. "The President’s Budget extends the life of the Medicare Trust Fund by at least 25 years. It achieves these gains with no benefit cuts—indeed, while lowering costs for Medicare beneficiaries.
The proposal also calls for closing loopholes in existing Medicare taxes and leveraging the Inflation Reduction Act (IRA) authority to negotiate prices for high-cost drugs.
The president is set to release his full budget plan on Thursday. Medicare and Social Security account one-third of federal spending, according to the Congressional Budget Office. Concerns about their future solvency are a perennial concern in Congress.
Tuesday's win is a major victory for the Democratic Party’s progressive wing as the nation’s third-largest city grapples with high crime and financial challenges.
Voters are heading to the polls in Chicago to vote for either Brandon Johnson or Paul Vallas as new mayor.
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The Florida Senate on Monday approved a bill to ban abortions after six weeks, a measure supported by Gov. Ron DeSantis as the Republican prepares to launch his expected presidential candidacy.
Floridians will be able to carry concealed guns without a permit under a bill Republican Gov. Ron DeSantis signed Monday, giving the governor another legislative victory as he prepares a campaign for president.
President Joe Biden's administration is making $450 million available for solar farms and other clean energy projects across the country at the site of current or former coal mines, part of his ongoing efforts to combat climate change.
Disney CEO Bob Iger on Monday said any retaliatory actions by Florida Gov. Ron DeSantis and the Republican-controlled Florida Legislature against the company that threaten jobs or expansion at its Florida resort is not only “anti-business ... but anti-Florida.”
Finland has joined the NATO military alliance. The move deals a major blow to Russia with a historic realignment of the continent triggered by Moscow’s invasion of Ukraine.
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Former Arkansas Governor Asa Hutchinson Signals Bid for Presidency
