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.
The Pentagon is pulling back about 1,100 active military troops from the U.S.-Mexico border.
Vice President Kamala Harris rejected an invitation from Florida Gov. Ron DeSantis to debate new standards in Black history education in that state.
Clinics in Indiana have stopped abortion services ahead of the state's enactment of a total ban.
Vice President Kamala Harris has publicly declined Florida Gov. Ron DeSantis' invitation to debate new standards in Black history education in Florida.
New Jersey is mourning the loss of Lt. Gov. Sheila Oliver, who passed away at the age of 71.
Trump is facing a new set of felony charges after a federal grand jury indicted him on crimes related to his attempt to overturn the 2020 election.
The Justice Department's four-count indictment Tuesday accuses the former president of assaulting the underpinnings of democracy in a frantic but ultimately failed effort to cling to power.
Thousands of Marines backed by advanced U.S. fighter jets and warships are slowly building up a presence in the Persian Gulf. It’s a sign that while America’s wars in the region may be finished, its conflict with Iran over its advancing nuclear program continues to worsen, with no solutions in sight.
President Joe Biden has decided to keep U.S. Space Command headquarters in Colorado, overturning a last-ditch decision by the Trump administration to move it to Alabama. The choice ended months of thorny deliberations, but an Alabama lawmaker vowed to fight on.
Parents and faith leaders have sued to stop Oklahoma from creating what would be the first religious public charter school in the nation.
