Biden proposes to raise taxes on high earners to avert Medicare funding crisis- WaPo

The White House will propose raising taxes on people earning more than $400,000 and reduce what Medicare pays for prescription drugs in a bid to keep the program stable, the Washington Post reported on Tuesday.

"The president's budget extends the life of the Medicare Trust Fund by at least 25 years," the report said citing the plan. The White House's proposal would raise the net investment income tax, created by the Affordable Care Act, from 3.8% to 5% for all Americans earning more than $400,000 per year, according to the report.

The White House did not immediately respond to Reuters' request for comment.

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