Most Americans split a 2.9% Medicare tax with their employer. Under President Biden's plan, some Americans could pay up to 5%.
President Joe Biden announced potential changes to Medicare on Tuesday as he prepares to present the fiscal year 2024 budget.
Citing a Medicare Trustees Report, President Biden said the changes would extend the solvency of Medicare from 2028 through the 2050s.“Only in Washington can people claim that they are saving something by destroying it,” President Biden said. “The budget I am releasing this week will make the Medicare trust fund solvent beyond 2050 without cutting a penny in benefits. In fact, we can get better value, making sure Americans receive better care for the money they pay into Medicare.
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