The Biden administration recently released its proposed 2024 federal budget, which would extend the solvency of Medicare by 25 years while reducing behavioral health and medication costs for beneficiaries.
According to a White House press release, the extension would increase the Medicare tax rate on those with earned and unearned incomes above $400,000 from 3.8% to 5%, close loopholes within current Medicare taxes and “dedicate the revenue from the net investment income tax to the Medicare’s Hospital Insurance Trust Fund.”
Additionally, the Biden administration said that the