President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington. (AP Photo/Patrick Semansky)
President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
The plan would raise the tax from 3.8 percent to 5 for those earning above $400,000 per year. The proposal is a bid to get Republicans on board with a 2024 budget bill.
"Millions of Americans have been working their whole lives, paying into Medicare with every working day, and want to know that they can count on Medicare to be there for them when they turn 65," the White House said in a statement. "The President’s Budget extends the life of the Medicare Trust Fund by at least 25 years. It achieves these gains with no benefit cuts—indeed, while lowering costs for Medicare beneficiaries.
The proposal also calls for closing loopholes in existing Medicare taxes and leveraging the Inflation Reduction Act (IRA) authority to negotiate prices for high-cost drugs.
The president is set to release his full budget plan on Thursday. Medicare and Social Security account one-third of federal spending, according to the Congressional Budget Office. Concerns about their future solvency are a perennial concern in Congress.
Four women who attended the U.S. Coast Guard Academy, including a current cadet, are expected to testify at a Senate committee hearing about sexual assault and harassment.
The Air Force has taken disciplinary action against 15 personnel after classified documents were allegedly leaked by 21-year-old airman Jack Teixeira earlier this year.
Attorneys for Gov. Ron DeSantis are asking a federal judge on Tuesday to dismiss a free speech lawsuit filed by Disney after the Florida governor took over Walt Disney World's governing district in retaliation for the company opposing a state law that banned classroom lessons on sexual orientation and gender identity in early grades.
Federal investigators have gained access to former president Donald Trump's phone records which could be used as evidence in his 2020 election interference trial.
The Texas Supreme Court has ruled against a woman seeking an abortion while in Arizona, the state Supreme Court will begin hearing oral arguments in an abortion rights case.
Attorneys for a pregnant Texas woman who sought court permission for an abortion in an unprecedented challenge to one of the most restrictive bans in the U.S. say she has left the state to obtain the procedure.
