Joe Biden pitches tax increase for high earners to keep Medicare afloat
More than 65 million people rely on Medicare at a cost to taxpayers of roughly $900 billion every year. The number of Medicare enrollees is expected to continue growing as the U.S. population ages. But funding for the program is a problem with federal officials warning that, without cuts or tax increases, the Medicare fund might only be able to pay for 90% of benefits by 2028.
The conflicting worldviews on how taxes would impact the economy is part of a broader showdown. Biden and Congress need to reach a deal to raise the government’s borrowing authority at some point this summer, or else the government could default and plunge the U.S. into a debilitating recession. But Maya MacGuineas, president of the Committee for a Responsible Federal Budget, applauded the plan despite having some reservations about it.
“At some point higher-income Medicare enrollees may say: `This isn’t a good deal for me anymore,”’ Arnone said. “The genius of social insurance is that we all pay in, and we all get something out in return. If higher income people start to question the equity _ that could lead to a loss confidence in the program.” His group is an advocacy organization for Medicare and other entitlement programs.
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