July 7, 2022
  • Senate Democrats will propose raising taxes on some high-income Americans to delay a shortfall in the Medicare trust fund. The fund is currently projected to start running out of money in 2028. The proposal would raise an estimated $203 billion over a decade and delay the shortfall until 2031. Under the proposal, people earning more than $400,000 a year and couples making more than $500,000 would have to pay a 3.8 percent tax on their earnings from tax-advantaged businesses called pass throughs. Until now, many of them have been using a loophole to avoid paying that levy. (Article here)