Biden Plans To Save Medicare By Making The Rich Pay Their Share

[Trueblue1968]

Biden Plans To Save Medicare By Making The Rich Pay Their Share


President Biden’s plan to save Medicare raises taxes on the wealthy and eliminates a loophole that allows the rich to hide income from Medicare taxes.

According to a White House Fact Sheet provided to PoliticusUSA: The proposals in the President’s Budget would extend the solvency of Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years, the Medicare Office of the Chief Actuary estimates. While the most recent Medicare Trustees Report projected that the HI Trust Fund would be insolvent in 2028, the President’s Budget would extend solvency at least into the 2050s.

Modestly increasing the Medicare tax rate on income above $400,000. The Budget proposes to increase the Medicare tax rate on earned and unearned income above $400,000 from 3.8 percent to 5 percent. Since Medicare was passed, income and wealth inequality in the United States have increased dramatically. By asking those with the highest incomes to contribute modestly more, we can keep the Medicare program strong for decades to come.

https://www.politicususa.com/2023/03/08/biden-plans-to-save-medicare-by-making-the-rich-pay-their-share.html

[Wounded Bear]

1. Pretty sad when a big incentive for getting rich is to pay less in taxes...

but that's where we've come in this country.

[republianmushroom]

2. like it

[MOMFUDSKI]

3. But-But-But

where will the rethugs get their campaign money from if these filthy corporations have to pay their fair share? Horrors.

[patphil]

6. Crowdfunding for the super rich?

Help us pay our taxes and give millions to Republican candidates.

[usonian]

4. If the rich paid their share, we might have:

• Free or inexpensive world-class medical care for everyone.
• The best damn education in the world.
• Clean air and water.
• Equity for all.
• An epidemic of happiness.

Quite possibly, though I'm still crunching the numbers,
• Streets paved with gold.

The rich have benefitted from our society and have locked up for wealth their own happiness, which still escapes them, no doubt because there's always someone who has locked up more.

[Trueblue1968]

5. the thing i want most is HUGE Infrusture !!! repairing bridges roads etc ON A GRAND SCALE

THERE WOULD BE SOOOOOOOOOOOOO MANY JOBS FOR PEOPLE

[JohnSJ]

7. It is reasonable and good, but unfortunately the American public is full of a lot of idiots, and

have been voting against their own interests for some time now.

2016 was a watershed moment, and I am not sure we will recover from that

[whathehell]

8. Excellent!

[Xolodno]

9. More needs to be done.

Otherwise, down the line they will just kick the can and raise retirement age.

They should be thinking about increasing contribution levels, drop the tax ceiling entirely and create sovereign wealth funds. Perhaps even offer a tax on capital gains (there are people who make money without a wage). And that's just for starters.

They could go further by making a mandatory IRA held in custody by government and require every business that doesn't offer a 401k or pension to automatically put in a percentage for every employee. Since its government controlled, it would be completely portable and the employee could contribute as well. Plus borrow from it (only on the portion they contribute) should an emergency arise.

Finally, companies that do offer 401k's should contribute a minimum no matter if the employee contributes or not, they can do the "match" thing after the minimum is met.

This would help us get off the vicious cycle of a younger generation paying for the older.