On March 7th, two days before the White House is expected to unveil its topline numbers and an overview of its requests for fiscal year 2024, the White House released its plan to ensure Medicare program solvency for at least the next 25 years. The White House’s budget request will extend the life of Medicare by: increasing the Medicare tax rate on income above $400,000 from 3.8% to 5%; close loopholes in existing Medicare taxes and dedicate the Medicare net investment income tax to the Hospital Insurance Trust Fund; and credit savings from prescription drug reforms to the Hospital Insurance Trust Fund. When asked about the proposal at a March 7 press conference, White House Press Secretary Karine Jean-Pierre said, “…And so we’re going to do this. We’re going to make sure that rich pay their fair share and by cutting Big Pharma subsidies to lower costs for seniors and ensure Medicare’s durability aren’t big ask. And we believe that this is an obligation. This is an obligation that elected officials have.” Read the proposal here.
