Biden calls for tax on the wealthy to extend Medicare funding

President Joe Biden this week called for higher taxes connected affluent Americans to boost Medicare arsenic portion of his 2024 budget, aiming to assistance money the programme for astatine slightest 25 years.

The program would summation the net concern income tax from 3.8% to 5% for net of much than $400,000, including regular income, superior gains and alleged pass-through concern income, which flows to idiosyncratic taxation returns, according to the White House.

Enacted done the Affordable Care Act, the nett concern income taxation presently applies to net supra $200,000 for azygous filers and $250,000 for joined couples filing together.

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"Since Medicare was passed, income and wealthiness inequality successful the United States person accrued dramatically," the White House said successful a information sheet. "By asking those with the highest incomes to lend modestly more, we tin support the Medicare programme beardown for decades to come."

The program besides aims to grow Medicare's quality to negociate medicine cause prices beyond the measures enacted done the Inflation Reduction Act.

Biden's plan, however, is improbable to walk successful the Republican-controlled House of Representatives.

The afloat fund volition beryllium released connected Thursday.