Biden Proposes Raising Taxes On Top Earners To Address Medicare Budget Shortfall WaPo

According to the Washington Post, the White House will propose raising taxes on Americans earning more than $400,000 and reducing what Medicare spends for prescription medications in order to keep the program solvent.

“The president’s budget extends the life of the Medicare Trust Fund by at least 25 years,” the report said citing the plan.

The White House’s proposal would raise the net investment income tax, created by the Affordable Care Act, from 3.8% to 5% for all Americans earning more than $400,000 per year, according to the report.

The White House did not immediately respond to Reuters’ request for comment.