Biden to Seek Medicare Tax Hike on Wealthy Americans to Fund Program Through 2050

New York Post

President Biden will seek to hike taxes on the wealthy and advocate for additional drug price negotiations to keep Medicare funded through at least 2050, the White House said Tuesday.

Biden will propose a tax increase from 3.8% to 5% on earned and unearned income above $400,000 as part of a package aimed at extending the solvency of Medicare’s Hospital Insurance Trust Fund by at least 25 years, according to a White House statement.

“Let’s ask the wealthiest to pay just a little bit more of their fair share, to strengthen Medicare for everyone over the long term,” Biden wrote separately in a New York Times guest essay.

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