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.
The Israel-Hamas war is now in its fifth day with Israeli officials saying at least 1200 people have been killed in the country, including 150 soldiers. President Joe Biden has confirmed at least 14 Americans are among the dead.
Negotiations started on the Biden administration's latest attempt at student loan forgiveness after the Supreme Court blocked Biden's attempt to use the 2003 Heroes Act to advance student loan forgiveness.
New York Congressman George Santos is now accused of stealing the identities of his political donors, according to a new 23-count indictment that prosecutors filed Tuesday.
A new indictment filed Tuesday charges U.S. Rep. George Santos with stealing the identities of donors to his campaign and then using their credit cards to ring up tens of thousands of dollars in unauthorized charges.
President Joe Biden on Tuesday condemned the militant group Hamas for “sheer evil” for its shocking multipronged attack on Israel launched from the Gaza Strip that has killed hundreds of civilians, including at least 14 American citizens.
More Californians with untreated mental illness and addiction issues could be detained against their will and forced into treatment under a new law signed by Gov. Gavin Newsom, a move to help overhaul the state's mental health system and address its growing homelessness crisis.
