Biden's suggested Medicare changes are part of a fuller budget proposal that he plans to release on Thursday in Philadelphia.
Biden wants to increase the Medicare tax rate from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. The White House did not provide specific cost-saving estimates with the proposal, but the move would likely increase tax revenues by more than $117 billion over 10 years, according to prior estimates in February by the Tax Policy Center.
Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats holding only a slim majority in the Senate. "The Biden tax hikes will raise the cost of goods and services for everyone, and make American workers and businesses less competitive internationally and vs. China," Norquist said.
"At some point higher-income Medicare enrollees may say: 'This isn't a good deal for me anymore,'" Arnone said. "The genius of social insurance is that we all pay in, and we all get something out in return. If higher income people start to question the equity - that could lead to a loss confidence in the program." His group is an advocacy organization for Medicare and other entitlement programs.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Philadelphia Cactus and Succulent Society at the Philadelphia Flower ShowAnd at the Philadelphia Cactus and Succulent Society, there's a longtime member leading the club's display.
Weiterlesen »
Biden plans tax on high-earners in bid to save MedicareU.S. President Joe Biden will seek to raise the Medicare tax on high earners and push for more drug price negotiations to help keep the federal health insurance program solvent through at least 2050 as part of his budget proposal this week, the White House said.
Weiterlesen »
Joe Biden plans new taxes on the rich to help save MedicarePresident Joe Biden has started to unveil parts of his budget proposal being released later this week
Weiterlesen »
President Biden plans to tax the rich to save MedicareIn his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden. His budget would draw a direct line between those new taxes and the popular health insurance program…
Weiterlesen »
Joe Biden plans new taxes on the rich to help save MedicareBiden said the plan would help to extend the insurance program’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults.
Weiterlesen »
Joe Biden plans new taxes on the rich to help save MedicarePresident Joe Biden has started to unveil parts of his budget proposal being released later this week.
Weiterlesen »