President Joe Biden will call on Congress to support his plans to protect and strengthen Medicare and Social Security programs when he travels to Philadelphia to unveil his 2024 ballot proposal later this week, the White House said Tuesday.
In his budget proposal, Biden will ask Congress to increase the Medicare tax rate from 3.8% to 5% on those who earn more than $400,000 per year in an effort to fund Medicare for the next 25 years.
In the speech, the president will continue to tout his efforts on manufacturing, infrastructure and clean energy across the nation, while working to manage the national debt and lower costs for families amid historic inflation, according to a statement from the White House.
“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 said.
Primary Source: UPI
Factual Confidence: 100% Verified (Multiple Sources, Official Statement)
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