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 White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
President Joe Biden has memorialized Justice Sandra Day O’Connor as a pioneer in the legal world who inspired generations of women.
Former Maryland Gov. Martin O'Malley will take on the role of head of the Social Security Administration after the Senate voted to confirm him.
President Biden's pleas for Congress to approve more Ukrainian aid before year's end appears to be coming up short.
Republican Texas Gov. Greg Abbott has approved sweeping new powers that allow police to arrest migrants who illegally cross the U.S. border and give local judges authority to order them to leave the country.
Two former Georgia election workers who won a $148 million defamation judgement against Rudy Giuliani are asking for a court order barring him from continuing to repeat the lies he spread about them following the 2020 election.
A federal appeals court on Monday ruled that former Trump White House chief of staff Mark Meadows cannot move charges related to efforts to overturn the 2020 election in Georgia to federal court.
A federal judge has issued a temporary restraining order barring removal of a memorial to Confederate soldiers at Arlington National Cemetery.
The U.S. Justice Department has created a database to track records of misconduct by federal law enforcement officers that is aimed at preventing agencies from unknowingly hiring problem officers, officials said on Monday.
The House of Representatives recently passed a bill aimed at increasing transparency in healthcare.
