US President to Raise Taxes for the Rich
US President Joe Biden is set to unveil his budget proposal for the 2024 fiscal year during a trip to the state of Pennsylvania Thursday (9/3).
“The president will deliver speeches on his plans to invest in America, continue to lower costs for families, protect and strengthen Social Security and Medicare (a federal health insurance program for senior citizens), reduce deficits, and more,” the White House said ahead of the event in Philadelphia. That.
Among Biden’s proposals is increasing taxes on the wealthy to help finance his plans.
The White House has announced that parts of its budget proposal include increasing Medicare taxes for those who earn more than $400,000 annually and allowing Medicare to negotiate better prices for prescription drugs to support a federal health insurance program for America’s senior citizens and those with disabilities. certain people with disabilities.
Republicans in Congress expressed opposition to the president’s Medicare plan. The chairman of the minority Republican faction in the Senate, Mitch McConnell, predicts that the plan has no chance of being approved by the House of Representatives, which is controlled by his faction. [uh/ab]