According to CBSNEWS reports, President Joe Biden said he has a plan to shore up the finances of Medicare, the health insurance plan for America’s seniors: Raise the Medicare tax on people earning more than $400,000 to 5% from its current 3.8%. the proposal would “extend the Medicare trust fund for more than another generation, an additional 25 years or more of solvency — beyond 2050.”
The plan part of Biden’s 2024 budget proposal set to be released would further reduce what Medicare pays for prescription drugs and raise taxes on Americans earning over $400,000.
The future of Medicare, which covers some 64 million people in the U.S., is looking increasingly precarious. A key trust fund that covers inpatient hospital care in Medicare is forecast to run dry in 2028, absent federal action.
Following the go-broke date for the hospital fund, Medicare will pay out 90% of scheduled benefits by relying solely on income, impacting the benefits of senior and disabled Americans.
The media believes that the move poses a challenge to Republicans’ looming funding crisis, so the chances of Biden’s budget proposal becoming law are slim, especially after Republicans control the House of Representatives this year, but it is an important political signal that makes the president An opportunity for the president to publicly articulate his priorities.
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