Biden teases budget plan, eyes expansion of Medicare – WorldNews WAALI

WASHINGTON: President Joe Biden aims to protect Medicare and lower health care costs by raising taxes on wealthy Americans, the White House said on Tuesday, bringing him into conflict with Republicans over spending.

The Democratic leader made fun of part of his upcoming budget plan by emphasizing his intention to raise Medicare tax rates for people earning more than $400,000, which would extend payouts for the government-funded state health insurance program for seniors for “at least 25 years” ability. to the White House fact sheet.

“Millions of Americans who have worked their entire lives and contributed to Medicare every workday want to know they can count on Medicare to serve them when they turn 65,” the statement said.

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Biden, 80, has made it clear he will run for re-election in 2024 and his budget plan is expected to be released on Thursday.

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The fact sheet shows a plan to fulfill the president’s pledge to raise taxes on the wealthy, at least when it comes to paying for health insurance. According to the White House, Biden proposed raising the Medicare tax rate on income over $400,000 to 5.0 percent from 3.8 percent.

Some government analyzes estimate that about 18 percent of Americans rely on health insurance that will go bankrupt by 2028.

“By asking the highest earners to contribute a little more, we can keep the Medicare program strong for decades to come,” the statement said.

The White House budget plan is an ambitious document outlining the president’s priorities. Spending authorization requires congressional approval, and a clash between the tax hike proposal and Republicans who control the House of Representatives looms.

Biden has positioned himself as a champion of blue-collar workers and the middle class. With his announcement Tuesday, he could boost his popularity with older white working-class voters who have tended to vote Republican in recent decades.

As his distinctive but formal re-election campaign kicks off, the president is clearly trying to pander to the working-class demographic in his speeches to first responders.

“No billionaire should pay a lower tax rate than a firefighter,” Biden said.