President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington. (AP Photo/Patrick Semansky)
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.
Israel rolled tanks into northern Gaza for what the military called a targeted raid aiming to destroy Hamas infrastructure. Meanwhile, the UN Security Council failed to pass two separate resolutions proposed by the U.S. and Russia on humanitarian aid for civilians in Gaza.
Republican Mike Johnson is the new speaker of the House, but the ally of Donald Trump inherits many of the same political problems that have tormented past GOP leaders.
President Joe Biden on Wednesday spoke out against retaliatory attacks by Israeli settlers against Palestinians in the West Bank in the aftermath of the Oct. 7 Hamas attacks on Israel. He also says he's redoubling his commitment to working on a two-state solution.
The U.N. warned on Wednesday that it is on the verge of running out of fuel in the Gaza Strip, forcing it to sharply curtail relief efforts in the territory blockaded and devastated by Israeli airstrikes since Hamas militants launched an attack on Israel more than two weeks ago.
The judge in Donald Trump’s civil fraud trial fined the former president $10,000 on Wednesday, saying Trump violated a limited gag order barring personal attacks on court staffers.
Republicans eagerly elected Rep. Mike Johnson as House speaker on Wednesday, elevating a deeply conservative but lesser-known leader to the seat of U.S. power and ending for now the political chaos in their majority.
With mail theft and postal carrier robberies up, law enforcement officials have made more than 600 arrests since May in a crackdown launched to address crime that includes carriers being accosted at gunpoint for their antiquated universal keys, the Postal Service announced Wednesday.
