Biden plans tax on high-earners in bid to save Medicare

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By Jarrett Renshaw (Reuters) – U.S. President Joe Biden will seek to raise the Medicare tax on high earners and push for more drug price negotiations to help keep the federal health insurance program solvent through at least 2050 as part of his budget proposal this week, the White House said. The tax increase from 3.8 percent to 5 percent on earned and unearned income above $400,000 is part of a package of proposals aimed at extending the solvency of Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years, the White House said in a statement on Tuesday. “Let’s ask the wealthiest to …

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