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.
Fani Willis, the Fulton County District Attorney in Atlanta investigating Trump, is expected to present her case to a grand jury next week.
Former President Donald Trump spoke out against a potential protective order that would prevent him from disclosing evidence in the 2020 election case.
Ohio voters rejected a ballot measure that would make it harder to pass constitutional amendments, including an upcoming vote on abortion.
President Joe Biden on Tuesday signed a national monument designation for the greater Grand Canyon.
The Supreme Court is reinstating a regulation aimed at reining in the proliferation of ghost guns, firearms without serial numbers that have been turning up at crime scenes across the nation in increasing numbers.
Former Vice President Mike Pence has met donor requirements to participate in the first GOP debate.
A special election is underway in Ohio that could affect abortion access.
Thousands of Los Angeles city employees, including sanitation workers, lifeguards and traffic officers, walked off the job Tuesday for a 24-hour strike alleging unfair labor practices.
Former Lt. Gov. Geoff Duncan of Georgia was subpoenaed to testify before a grand jury investigating interference in the 2020 presidential election.
Ohio voters have resoundingly rejected a Republican-backed measure that would have made it more difficult to pass abortion protections.
