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.
Eight Republican presidential candidates took to the stage on Wednesday in Milwaukee for the first Republican primary debate of the 2024 election season.
The bodies of Russian mercenary chief Yevgeny Prigozhin and some of his top lieutenants killed in a Russian jet crash on Wednesday were sent to a nearby facility for medical and forensic analysis, according to Russian media.
Political strategist Jonathan Harris breaks down the highlights from Wednesday's first Republican presidential primary debate and how Former President Donald Trump's absence affected the event.
A scowling Donald Trump posed for a mug shot Thursday as he surrendered inside a jail in Atlanta on charges that he illegally schemed to overturn the 2020 election in Georgia, creating a historic and humbling visual underscoring the former president's escalating legal troubles.
Ramaswamy has crept up in recent polls, leading to his position next to Florida Gov. Ron DeSantis at center stage. He quickly took advantage of the spotlight, attacking the other candidates as "super PAC puppets" and drawing them into tit-for-tats that gave him more air time.
The former New York City mayor, charged as former President Donald Trump's chief co-conspirator in a plot to subvert the 2020 election, is charged with Trump and 17 other people under Georgia’s Racketeer Influenced and Corrupt Organizations Act.
The 4-1 ruling Wednesday departs from the court's own decision earlier this year to strike down a similar law from 2021.
A private jet crashed over Russia on Wednesday, killing all 10 people on board, emergency officials said.
Children’s advocacy groups including Fairplay and Common Sense Media are asking the Federal Trade Commission to investigate Google, saying the tech giant serves personalized ads to kids on YouTube despite federal law prohibiting the practice.
A Tennessee judge agreed Wednesday to temporarily block a new rule advanced by state House Republicans that banned the public from holding signs during floor and committee proceedings.
