The White House would raise taxes on high earners and reduce government payments for some prescription drugs in a bid to keep the program stable.
The administration is introducing the measures as part of the White House’s broader 2024 budget proposal, but it faces an unlikely path to passage through a Republican-controlled House of Representatives. The budget is set to be released Thursday.
The White House’s proposal would raise the net investment income tax, created by the Affordable Care Act, from 3.8 percent to 5 percent for all Americans earning more than $400,000 per year, in line with Biden’s pledge not to raise taxes for anyone under that threshold. The tax applies to capital gains and investment income. The plan also would expand this tax by applying it to more kinds of income from pass-through firms — businesses in which the owners pay taxes on their personal income taxes.
Republican lawmakers heckled and interrupted President Biden multiple times during his State of the Union address on Feb. 7. Right now, workers pay 6.2 percent for Social Security and 1.45 percent for Medicare, and employers pay the same amounts.“It can distort savings and investment decisions, which a payroll tax does not do,” Pomerleau said. “And capital gains can be a somewhat unreliable tax base.”
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