Biden Will Seek Medicare Changes, up Tax Rate in New Budget
WASHINGTON (AP) — President Joe Biden wants to increase taxes to boost funding for Medicare and expand the program’s ability to negotiate lower costs for prescription drugs, according to advance details on his budget proposal that will be released later this week.The Democratic president outlined his plan in a guest essay in The New York Times on Tuesday, writing that “Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire.”Biden is scheduled to release his budget proposal on Thursday in Philadelphia. Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats with only a slim majority in the Senate.The Medicare tax rate would rise from 3.8% ...