President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare ahead of his budget address in Philadelphia this week.
Biden wants to increase the Medicare tax rate from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. The White House did not provide specific cost-saving estimates with the proposal, but the move would likely increase tax revenues by more than $117 billion over 10 years, according to prior estimates in February by the Tax Policy Center.
Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats holding only a slim majority in the Senate. "The Biden tax hikes will raise the cost of goods and services for everyone, and make American workers and businesses less competitive internationally and vs. China," Norquist said.
"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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