Deficit reduction options offered by the CBO and CRFB could extend the solvency of key trust funds for Social Security, Medicare and highways that are on a path to exhaustion.
into a report that identified a number of ways to increase tax revenue and decrease or reform spending over the next decade to extend the solvency of the endangered trust funds. Here's a look some of the notable options presented to close the budget gaps:Medicare Hospital Insurance Trust Fund's
Expanding the base of the Net Investment Income tax would bring in $249 billion in revenue and close 40% of the Medicare HI Trust Fund's 2032 gap. Consolidating the Graduate Medical Education program's payments could close about one-fifth, with about $81 billion in savings from indexing it to the consumer price index minus 1% sufficient to close 21% of the gap, versus $68 billion and a 13% reduction of the gap if GME was just indexed to CPI.
Including all newly hired state and local government workers in Social Security, and thus subjecting them to payroll taxes, would bring in $132 billion in revenue and shrink the 2032 gap by 5% – a figure that would decrease over time as they begin to draw benefits.
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