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.
Voters around the U.S. are heading to the polls for elections with Ohio having abortion on the ballot.
A Jewish man in California has died after a confrontation during dueling protests over the Israel-Hamas war, and police said Tuesday they had identified a suspect who called 911 after the altercation.
More than 40% of American adults are considered obese, yet the medications many take are rarely tested in bigger bodies.
The U.S. attorney leading the Hunter Biden investigation appeared before Congress Tuesday.
The Supreme Court is hearing arguments in a case revolving around Second Amendment rights. The Biden administration is appealing a ruling that struck down a federal law that bans a person subject to a domestic violence protective order from possessing a firearm.
The Air Force is asking Congress to restrict further construction of the towering wind turbines that have edged closer to its nuclear missile sites in Montana, Wyoming, North Dakota, Nebraska and Colorado.
Voters around the U.S. are heading to the polls Tuesday and some races could have major implications for how things turn out in the presidential election next year.
Donald Trump's former chief of staff, Mark Meadows, is being sued by his book publisher for breach of contract.
Israeli Prime Minister Benjamin Netanyahu says Israel will have “overall security responsibility” in Gaza for an indefinite period after its war with Hamas.
The Israeli army severed northern Gaza from the rest of the besieged territory and pounded it with airstrikes Monday, preparing for expected ground battles with Hamas militants in Gaza's largest city and an even bloodier phase of the month-old war.
