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Biden Looks to Taxation to Extend Medicare Solvency

The White House, in its budget plan scheduled to be released Thursday, is reported to be proposing an increase and expansion of the tax assessments faced by Americans earning more than $400,000. As reported in a New York Times article by Jim Tankersley and Margot Sanger-Katz, which you can access here, the Biden Administration’s proposals would also increase the tax rate embedded in the Affordable Care Act-related net investment income tax provision, moving it from 3.8% to 5%. In addition to the specific tax measures, the NYT article further notes that the budget proposal contains “accounting maneuvers” aimed at improving Medicare’s solvency picture and adding 25 years of solvency beyond the 2028 trust fund depletion date currently projected by the program’s trustees.

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