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.
Hunter Biden was indicted Thursday on federal firearms charges, the latest and weightiest step yet in a long-running investigation into the president’s son.
States and Native American tribes will have greater authority to block energy projects such as natural gas pipelines that could pollute rivers and streams under a final rule issued Thursday by the Biden administration.
A federal judge has declared the DACA immigration program illegal but will allow the policy to continue for existing recipients.
A judge in former President Donald Trump's Georgia election case rejected the prosecution's request to try all of the co-defendants together.
Florida Gov. and presidential candidate Ron DeSantis said he does not support criminal penalties for women who get abortions.
Hunter Biden has sued a former Trump White House aide over his alleged role in publishing emails and personal photos online.
A federal judge has declared the DACA immigration program illegal but will allow the policy to continue for existing recipients.
A federal judge has declared illegal a revised version of a federal policy that prevents the deportation of hundreds of thousands of immigrants brought to the U.S. as children.
U.S. Rep. Mary Peltola’s husband has died in an airplane crash, her office said in a statement Wednesday.
A request by Mark Meadows for an emergency stay on a ruling that sent his Georgia election interference case back to state court has been denied.
