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.
Florida Gov. Ron DeSantis was involved in a multi-car accident on Tuesday in Tennessee but was uninjured as he traveled in a motorcade to a campaign stop for his 2024 presidential bid.
The Biden administration is proposing new rules to increase coverage for mental health treatments.
The U.S. is set to send up to $400 million in additional military aid to Ukraine.
The lawyer for former NYPD commissioner Bernard Kerik turned over thousands of pages and documents to a special counsel as part of an investigation into Kerik's alleged involvement to overturn the results of the 2020 election.
The Justice Department invited the prosecutor who brought charges against Hunter Biden to testify in a public hearing this fall.
Israel’s parliament on Monday approved the first major law in Prime Minister Benjamin Netanyahu’s contentious plan to overhaul the country’s justice system, triggering a new burst of mass protests and drawing accusations that he was pushing the country toward authoritarian rule.
North Korea fired two short-range ballistic missiles into its eastern sea, South Korea’s military said Tuesday, adding to a recent streak in weapons testing that is apparently in protest of the U.S. sending major naval assets to South Korea in a show of force.
Now the federal Mine Safety and Health Administration has proposed a rule that would cut the current limit for silica exposure by half — a major victory for safety advocates. But there is skepticism and concern about the government following through after years of broken promises and delays.
Minneapolis is backing away from enforcing laws that criminalize buying psychedelic plants or using them in private.
A state trooper's account of officers denying migrants water in 100-degree Fahrenheit (37.7 Celsius) temperatures and razor wire leaving asylum-seekers bloodied has prompted renewed criticism.
