<p>Some individuals can expect a <a href="https://www.dailywire.com/topic/medicare" target="_blank" rel="noopener">Medicare</a> tax increase under the new <a href="https://www.dailywire.com/topic/budget" target="_blank" rel="noopener">budget</a> proposal scheduled to be unveiled this week by the <a href="http://dailywire.com/topic/biden-administration" target="_blank" rel="noopener">Biden administration</a>.</p>
<p>Medicare, a federal health insurance program intended for senior citizens, is partially <a href="https://www.irs.gov/individuals/net-investment-income-tax" target="_blank" rel="noopener">funded</a> by a 3.8% tax on investment income for individuals earning more than $125,000 or married couples filing jointly and earning more than $250,000. The White House contended in a Tuesday <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/03/07/fact-sheet-the-presidents-budget-extending-medicare-solvency-by-25-years-or-more-strengthening-medicare-and-lowering-health-care-costs/" target="_blank" rel="noopener">statement</a> that “modestly increasing” the tax rate to 5% for those earning more than $400,000 would extend the solvency of the Medicare Hospital Insurance Trust Fund by at least 25 years.</p>
<p>“Since Medicare was passed, income and wealth inequality in the United States have increased dramatically,” the statement said. “By asking those with the highest incomes to contribute modestly more, we can keep the Medicare program strong for decades to come.”</p>
<p>The White House additionally vowed to close loopholes in the Medicare tax system because “some high-paid professionals and other wealthy business owners have managed to shield some of their income from tax by claiming it is neither earned income nor investment income.” The Medicare Hospital Insurance Trust Fund is expected to deplete in 2028, according to a <a href="https://www.cms.gov/files/document/2022-medicare-trustees-report.pdf" target="_blank" rel="noopener">report</a> issued last summer by trustees for the program.</p>
<p>The announcement comes as Republicans and Democrats discuss mechanisms to reduce the budget deficit and mitigate increases to the national debt, which now surpasses $31.5 trillion. President Joe Biden and House Speaker Kevin McCarthy (R-CA) are <a href="https://www.dailywire.com/news/congressional-budget-office-reveals-when-government-will-run-out-of-cash" target="_blank" rel="noopener">negotiating</a> to decrease spending after the debt ceiling, an arbitrary cap on the national debt established by Congress, exceeded the statutory limit of nearly $31.4 trillion earlier this year.</p>
<p>Each official has said that they will not consider reforms to Social Security and Medicare, raising <a href="https://www.dailywire.com/news/sparing-the-sacred-cow-republicans-and-democrats-refuse-to-touch-social-security-as-debt-crisis-looms" target="_blank" rel="noopener">questions</a> as to whether meaningful spending cuts will be possible since the two programs constituted 46% of the federal budget during the last fiscal year, according to <a href="https://fiscaldata.treasury.gov/americas-finance-guide/federal-spending/" target="_blank" rel="noopener">data</a> from the Treasury Department. Biden administration officials have asserted that Republicans are seeking to reduce benefits from Social Security and Medicare despite repeated statements from McCarthy and other lawmakers to the contrary.</p>
<p>Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/02/07/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery/" target="_blank" rel="noopener">vowed</a> during his State of the Union address that his budget proposal would “lower the deficit by $2 trillion” even as no reforms are made to Social Security and Medicare. “If anyone tries to cut Social Security, I will stop them. And if anyone tries to cut Medicare, I will stop them,” he declared. “When I offer my fiscal plan, I ask my Republican friends to offer their plan. We can sit down together and discuss both plans together.”</p>
<p>Runaway federal spending has been a <a href="https://www.dailywire.com/news/national-debt-surpasses-31-trillion-for-the-first-time-republicans-and-democrats-both-to-blame" target="_blank" rel="noopener">problem</a> under Republican and Democratic administrations: former President Donald Trump added $7.5 trillion to projected debt levels through his legislative agenda and executive orders, while President Joe Biden has added $5 trillion to projected debt levels. Not considering the stimulus measures passed by both chief executives during the lockdown-induced recession implies an added debt burden of $4 trillion for the former and $2.5 trillion for the latter.</p>
<p><b data-stringify-type="bold"><a class="c-link c-link--focus-visible" href="https://onelink.to/dwapp" target="_blank" rel="noopener noreferrer" data-stringify-link="https://onelink.to/dwapp" data-sk="tooltip_parent" aria-describedby="sk-tooltip-225532">CLICK HERE TO GET THE DAILY WIRE APP</a></b></p>
<p>Biden also claimed during his State of the Union address that he oversaw “the largest deficit reduction” in the nation’s history during his first two years in office. Although he witnessed a decline in the deficit from $3.1 trillion in fiscal year 2020 to $1.4 trillion in fiscal year 2022, according to <a href="https://fred.stlouisfed.org/series/FYFSD" target="_blank" rel="noopener">data</a> from the Office of Management and Budget, he neglected to mention that the record spending came as a result of legislation passed in response to the lockdown-induced recession. The deficit last year still exceeded those witnessed in the years before the crisis.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Some People Can Expect Medicare Tax Increases Under Next Biden Budget

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Biden Administration

Budget

Economy

Executive

Medicare

National Debt

Politics

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Some People Can Expect Medicare Tax Increases Under Next Biden Budget