The Biden Administration unveiled its tax plan aimed at funding Medicare into the 2050s. Is the bill smart, and does it have a chance of passing a split-Congress? See news and perspectives across the spectrum from WSJopinion, thehill, and POTUS:
The Biden Administration unveiled a new tax proposal Tuesday aimed at reducing the national deficit by $2 trillion over the next decade and funding Medicare programs into the 2050s. The key points of the proposed legislation are a tax increase from 3.8% to 5% on those earning more than $400,000 per year and increasing Medicare’s ability to negotiate prescription drug prices.
” Regarding the tax increase, Biden stated, “when Medicare was passed, the wealthiest 1 percent of Americans didn’t have more than five times the wealth of the bottom 50 percent combined, and it only makes sense that some adjustments be made to reflect that reality today.”The Wall Street Journal Editorial Board deemed the proposal a “huge tax increase paired with prescription-drug rationing that does nothing to reform the health entitlement.
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