President Biden’s coming budget blueprint will propose extending the solvency of a key Medicare trust fund by at least 25 years, in part by increasing tax rates on higher earners
WASHINGTON—President Biden’s coming budget blueprint will propose extending the solvency of a key Medicare trust fund by at least 25 years, according to the White House, in part by increasing tax rates on people earning more than $400,000 a year.
The plan would raise Medicare taxes to 5% from 3.8% for those top earners and effectively expand the reach of the tax so it applies to business income as well as investments, wages and self-employment income. Mr. Biden would also redirect some existing taxes from the government’s general fund to a Medicare fund. The Medicare program provides health insurance for adults 65 and older, as well as some younger people with disabilities.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Balancing federal budget, eliminating deficit without cutting defense, Social Security, MedicareIf you want to balance the budget without raising taxes or cutting defense, Social Security, and Medicare, you'd probably have to fire nearly every park ranger and cut 70% of anti-poverty spending
Read more »
Biden will seek Medicare changes, up tax rate in new budgetPresident Joe Biden has started to unveil parts of his budget proposal being released later this week
Read more »
Biden will seek Medicare changes, up tax rate in new budgetPresident Biden wants to increase taxes to boost funding for Medicare and expand the program’s ability to negotiate lower costs for prescription drugs, according to advance details of his budget proposal being released later this week.
Read more »
President Biden to present federal budget plan during trip to Philadelphia this weekThis will be Biden's first budget proposal since Republicans took the majority in the House.
Read more »
Biden to back tax hikes and steps to shore up Medicare as he rolls out budget proposal this week“No billionaire should be paying a lower tax rate than a firefighter,” President Joe Biden said during a speech on Monday. Biden is expected to talk about tax hikes on Thursday, including a billionaire minimum tax and higher corporate taxes.
Read more »