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Biden proposes to raise taxes on high earners to avert Medicare funding crisis- WaPo

Published 03/07/2023, 05:10 AM
Updated 03/07/2023, 05:15 AM
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on the economy from an auditorium on the White House campus in Washington, U.S. January 12, 2023. REUTERS/Jonathan Ernst

(Reuters) - The White House will propose raising taxes on people earning more than $400,000 and reduce what Medicare pays for prescription drugs in a bid to keep the program stable, the Washington Post reported on Tuesday.

"The president's budget extends the life of the Medicare Trust Fund by at least 25 years," the report said citing the plan.

The White House's proposal would raise the net investment income tax, created by the Affordable Care Act, from 3.8% to 5% for all Americans earning more than $400,000 per year, according to the report.

The White House did not immediately respond to Reuters' request for comment.

Latest comments

How about getting our 100 billion back from Ukraine!!
helping Ukraine beat Americas no. 1 enemy for a few hundred billion is a bargain. how about the 8 trillion spent on the republicans pointless war of terror, I'd rather have those back..
So you drank the kool-aid.
good
As they attempt to strip away freedoms from their citizens, they decide that raising taxes on those most capable of moving out of the country and also are often the creators of jobs. If a good chunk of them leave, the negative impact could far outway the possible benefits raising their taxes would provide. Just look at California
they tax those who can easily afford it. nobody's gonna leave because of that. and to where? Europe? they already tax their wealthy more than we do, and have a better society for it..
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