In his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden. His budget would draw a direct line between those new taxes and the popular health insurance program…
WASHINGTON — President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults.
“This modest increase in Medicare contributions from those with the highest incomes will help keep the Medicare program strong for decades to come,” Biden wrote in a Tuesday essay in The New York Times. He called Medicare a “rock-solid guarantee that Americans have counted on to be there for them when they retire.”
The proposal is a direct challenge to GOP lawmakers, who argue that economic growth comes from tax cuts like those pushed through by former President Donald Trump in 2017. Those cuts disproportionately favored wealthier households and companies. They contributed to higher budget deficits, when growth failed to boom as Trump had promised and the economy was then derailed in 2020 by the coronavirus pandemic.
“The Biden tax hikes will raise the cost of goods and services for everyone, and make American workers and businesses less competitive internationally and vs. China,” Norquist said. Ahead of an expected budget feud and the 2024 campaign season, Democrats have ramped up talk around Medicare, vowing to fend off any Republican attempts to cut the program, although so far the GOP has vowed to avoid any cuts. Still, Republican lawmakers have reached little consensus on how to fulfill their promise to put the government on a path toward balancing the federal budget in the next 10 years.
Raising taxes on Americans who make more than $250,000 to pay for Medicare has broad support among older Americans, but raising the eligibility age for Medicare, is widely unpopular, said Mary Johnson, a policy analyst for the nonpartisan Senior Citizens League who has researched the issue.
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