Some People Can Expect Medicare Tax Increases Under Next Biden Budget | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Some individuals can expect a Medicare tax increase under the new budget proposal scheduled to be unveiled this week by the Biden administration.

    Medicare, a federal health insurance program intended for senior citizens, is partially funded 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 statement 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.

    "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."

    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 report issued last summer by trustees for the program.

    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 negotiating 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.

    Each official has said that they will not consider reforms to Social Security and Medicare, raising questions 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 data 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.

    Biden vowed 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."

    Runaway federal spending has been a problem 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.

    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 data 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.

Considering how abjectly corrupt and civilly abusive the Left has become regarding the corrosive effect of their elected leaders; their entrenched and ruling bureaucracy; employing their failed Education Industry as Indoctrinators; their collusive private sector operators, such as the terminally discredited Legacy Media and Big Tech censorship of Free Speech: What will be the best course forward for hardworking Middle Americans, including the Patriot Class?
  Withdraw from society, go underground and plan for a resurgence when it is feasible to do so.
  Work within the confines of better policy by the People's government, once good sense and sanity is restored in the electorate at large, to achieve such.
  Are you a crazy, nut-job Insurrectionist? Everything is perfect within our plan to achieve our intended goals for the Socialist Left.
  Secession to form a true Constitutional Republic.
274 total vote(s)     What's your Opinion?

Go Back

Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )


( March 14th, 2023 @ 7:45 pm )
Meanwhile the Biden regime is trying to gut the Medicare Advantage program that is relied upon by millions of seniors.

Biden Guilty Of Treason, Declares Horowitz In Scathing Column Daily Wire, News Services, Guest Editorial, Editorials, Government, Op-Ed & Politics, State and Federal What A Joke? One Of The Greatest Active Tennis Players Is Barred From Playing In U.S. For Not Taking COVID Vaccine


Latest State and Federal

President Joe Biden patted himself on the back Monday morning as multiple banks have collapsed in recent days, claiming that the “quick action” of his administration has stabilized the banking industry.
Rates of violent crime and other behavioral problems spiked in recent months as students returned to North Carolina public school classrooms after government-forced closures and remote learning schedules.
Treasury Secretary Janet Yellen said Sunday that there would be no bailout for the collapsed Silicon Valley Bank.
NBC News host Chuck Todd complained over the weekend that Florida Republican Governor Ron DeSantis signed into law “Victims of Communism Day” which teaches students in the state the far-left ideology’s murderous history.
The U.S. Supreme Court has issued an order asking for more information in the Moore v. Harper redistricting case. Justices want to know how a rehearing in a related N.C. Supreme Court case this month affects the legal landscape.
Federal regulators announced over the weekend that they will fully back all depositors of Silicon Valley Bank, guaranteeing that they are paid back in full after the bank collapsed last week.


House Intelligence Committee Chairman Mike Turner (R-OH) said that communist China is using TikTok to make its way into U.S. data systems as calls grow for the federal government to ban the app.
Rep. Nancy Mace (R-SC) brought up left-wing riots during an interview over the weekend when asked about the recent media coverage surrounding the January 6 riot following the release of thousands of hours of video footage from the incident.
General Assembly leaders agreed to a bottom-line budget number last week, kicking off the biennium budget season. Senate Leader Phil Berger (R-Rockingham) and House Speaker Tim Moore (R-Cleveland) announced that General Fund spending would increase by 6.5% in the first year
House Intelligence Committee Chairman Mike Turner (R-OH) slammed Dr. Anthony Fauci, former director of the National Institute of Allergy and Infectious Diseases, over the weekend for making statements about the origins of COVID that are not supported by the findings of the U.S. intelligence
Senator John Kennedy (R-LA) said during an interview on Sunday that when he approached President Joe Biden about using the U.S. military to take out Mexican drug cartels, the president rebuffed him and said that it was a “bad idea.”
In a press conference Thursday, Senate Leader Phil Berger and House Speaker Tim Moore announced that an agreement has been reached between the chambers to expand the federal Medicaid entitlement program in North Carolina.


The U.S. Navy announced this week that it would be renaming a ship named for oceanographic pioneer Matthew Fontaine Maury because of Maury’s ties to the Confederacy during the later years of his life.


Back to Top