President 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.
The Democratic president outlined his plan in a guest essay in The New York Times on Tuesday, writing that “Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire.”
The Medicare tax rate would rise from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. The plan is also intended to close what the White House describes as loopholes that allow some income to avoid Medicare taxes. The changes would help shore up a key trust fund that pays for Medicare, which provides health care for older adults. According to the White House, the changes would keep the fund solvent until the 2050s, about 25 years longer than currently expected.
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