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.
President Joe Biden is expected to tap Jeff Zients, the administration’s former COVID-19 response coordinator, as his next chief of staff.
New York, Connecticut and Virginia are among states where proposed legislation would prohibit anyone convicted of participating in an insurrection from holding public office or a position of public trust, such as becoming a police officer.
Sen. Dick Durbin, the second-ranking Democrat, and familiar Biden critic Sen. Joe Manchin each sharply criticized President Joe Biden on Sunday over Biden's handling of classified materials after the FBI discovered classified documents at his home.
Women's marches across the country demanded the protection of abortion rights on Sunday, the 50th anniversary of the Supreme Court decision to legalize the medical procedure that was struck down by the court last year.
Thousands of pro-life activists gathered at the National Mall in Washington, DC, for the ‘March For Life,’ marking the first time the event was held in the post-Roe v. Wade era.
Cheddar News discusses a new State Department program, the ‘Welcome Corps’ that will allow private U.S. citizens to sponsor refugees from around the world.
The U.S. has surpassed its $31.4 trillion debt limit, leading the Treasury Department to implement extraordinary measures.
U.S. Coast Guard tracks potential spy ship near Hawaii, New Zealand Prime Minister Jacinda Ardern is stepping down, and the latest accusation against Rep. George Santos. Here is everything you Need2Know for Thursday, January 19, 2023.
President Joe Biden is set to tour damage and be briefed on recovery efforts after devastating storms hit California in recent weeks, killing at least 20 people and causing destruction across 41 of the state's 58 counties.
Treasury Secretary Janet Yellen warned that the U.S. will reach its $31.4 trillion borrowing cap on Thursday.
