His plan also allows for more negotiation on drugs bought through Medicare.
Tax hikes on the wealthy, forcing Big Pharma to actually negotiate prices - we can count on wingers to bitterly oppose such things, no?
President Joe Biden’s budget will propose hiking payroll taxes on Americans making over $400,000 per year and allowing the government new power to negotiate drug prices as part of an effort the White House says will extend the solvency of a key Medicare program for another quarter century.
apple.news
He could have come up with this in 2021, when Republicans did not control the House. Now he proposes something he anticipates will not see the light of day.
Why ? Because Joe Biden doesn't give a rat's ass about Medicare or poor, elderly people who need it. He cares about VOTES, and making himself look like a big hero to the VOTERS.
"His plan" ? His plan in 2020, was mentioned during the debates with Trump. He proposed to raise taxes on the very wealthy.
Calls for higher taxes for those at the top end of the income and wealth spectrum, were a major part of Biden's 2020 campaign. The administration's "interest" (so they say) in raising taxes on the rich has continued since Biden took office.
But the $430 billion Inflation Reduction Act signed into law by the Biden administration, ended up with no direct change in tax rates for rich Americans -- or any Americans for that matter. When Trump left office, the top tax rate on the richest American was 37%. Guess what it is now (after 2-3 years of Biden in office)- still 37%.
Also, not to be overlooked, Biden's 37% tax on the super rich, is FAR less than was the taxes under FOUR Republican presidents.
Eisenhower - 91-92%
Nixon - 70%
Ford - 70%
Reagan - 50% (most of his years)
In contrast, other Democrat presidents had
lower taxes on the rich than these Republican presidents >>
Johnson - lowered it from 91% to 70% (later raised it slightly but still < 91%).
Clinton - 39.6%
Obama - 35-39.6
Biden 37%
www.taxpolicycenter.org