Dog bites man: Biden wants to “tax the rich” to fund Medicare

Source: USA Today

“President Joe Biden wants to raise tax rates on people earning more than $400,000 a year to extend the solvency of Medicare, the White House said Tuesday in a preview of his budget proposal. The Medicare tax rate would increase to 5% from 3.8% on earned and unearned income for wealthier Americans, according to the White House. Biden will release his budget plan Thursday. Biden will also propose benefit changes, including limiting to $2 how much a Medicare recipient must pay out-of-pocket for certain generic drugs, such as those used to treat chronic conditions like hypertension and high cholesterol. And he wants to expand Medicare’s ability to negotiate lower costs for prescription drugs.” (03/07/23)