Budget Proposed by Biden Would Extend Medicare Funding by 25 Years

The plan calls for higher taxes on high-income earners and increased prescription drug negotiations. The federal budget proposal of President Joe Biden will include an increase in Medicare taxes for individuals earning more than $400,000 per year and an expansion and acceleration of prescription drug price negotiations. According to the White House, these changes will ensure that the health insurance program for older Americans remains solvent for at least 25 years.