Biden wants to increase taxes for the richest Americans to boost funding for Medicare
WASHINGTON — President Joe Biden wants to increase taxes to boost funding forand expand the program’s ability to negotiate lower costs for prescription drugs, according to advance details on his budget proposal that will be released later this week.
The Medicare tax rate would rise from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. The plan is also intended to close what the White House describes as loopholes that allow some income to avoid Medicare taxes.
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