News Report | March 29, 2023
Plan To Keep Medicare Solvent For Another 25 Years Relies On Increasing Medicare Tax Rates From 3.8% To 5% For People Earning $400,000 & Above
On March 9, 2023, the Biden-Harris Administration announced a proposed U.S. fiscal 2024 budget that "makes investments to support underserved communities and combat racial disparities across the Nation, including in health, education, and economic opportunity." Included in this budget is a plan to keep Medicare solvent for another 25 years, which relies on increasing Medicare tax rates from 3.8% to 5% for people earning an annual income of $400,000 and above. The Medicare trust fund is set to run out in 2028 under current tax and spending levels.
The White House’s tax increase would apply . . .