Biden's 10-year budget proposal largely revolves around the idea of taxing the wealthy to help fund programs for the middle class, older adults and families.
President Joe Biden released his annual budget Thursday, outlining his policy priorities for the year ahead.
Biden's plan would raise the top tax rate to 39.6% from 37%. This would impact single filers making more than $400,000 a year and married couples making more than $450,000 per year, according to the administration. Medicare, which covers more than 65 million senior citizens and people with disabilities, will only be able to fully pay scheduled benefits until 2028, according to the most recent forecast by its trustees. Biden's proposal would extend Medicare's solvency by 25 years or more, according to the White House.
Also, the proposal would build on the Inflation Reduction Act, which congressional Democrats passed last summer, by allowing Medicare to negotiate the prices of more drugs and bringing drugs into negotiation sooner after they launch. And it would extend the law's requirement that drug companies pay rebates to Medicare if they increase prices faster than inflation to commercial health insurance.The budget also calls for capping the price of insulin at $35 a month for everyone.
The budget would provide funding for a new federal-state partnership program that would provide universal, free preschool. The spending plan would also increase funding for existing federal early care and education programs.Biden's budget would establish a national paid family and medical leave program.
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