Biden proposes tax increase for those making over $400K to boost Medicare funding

[Scott]

 

President Biden wants to raise taxes in an effort to boost funding for Medicare and give the program more leeway to negotiate lower costs for prescription drugs, according to details of the president's budget proposal.

 

Biden announced the initiative, which will directly impact those making more than $400,000 in a Tuesday op-ed from the New York Times. 

 

Medicare is more than a government program,"  Biden wrote, "It's the rock-solid guarantee that Americans have counted on to be there for them when they retire."

 

https://www.foxbusiness.com/politics/biden-proposes-tax-increase-making-400k-boost-medicare-funding

 

 

 

[placeholder]

If there's one thing polls show repeatedly, it's that there's broad support for raising taxes on the rich. Even from Republicans. It's a testimony to how powerful the rich are that they are mostly very successful in fighting tax rises. Of course it helped that the right wing Supreme Court green lit unlimited contributions. So the more money the have, the more they can contribute to get politicians elected. A vicious circle. The Republicans modus operandi for thwarting tax rises is to use trivial but highly emotional issues like transgenderism to distract their attention from issues that are actually important to their welfare while delivering the goods to their wealthy patrons.

Edited March 8, 2023 by placeholder

[Tug]

Works for me!it’s fair it will help with the debt as well 

[IAMHERE]

From those according to their ability and to those according to their need.  

[thaibeachlovers]

Did he just lose the election?

[placeholder]

43 minutes ago, thaibeachlovers said:

Did he just lose the election?

Because taxing the wealthy is unpopular? You've got to be kidding.

[Chomper Higgot]

48 minutes ago, thaibeachlovers said:

Did he just lose the election?

By funding Medicare with increased taxes on the rich?

 

LOL

[onthedarkside]

Troll post reported reported and removed, along with a reply

[RichardColeman]

11 hours ago, placeholder said:

If there's one thing polls show repeatedly, it's that there's broad support for raising taxes on the rich.

Why on earth should I - or anyone - pay more tax as I have saved, worked hard and invested well or bought property, to support someone who either does not want to work, or wastes their money ?

 

 

What they should be doing in America is adding $2 on every pizza or burger to pay for the health care ! As I dare say most of the health budget is going on fat low earners !

[smutcakes]

2 hours ago, RichardColeman said:

Why on earth should I - or anyone - pay more tax as I have saved, worked hard and invested well or bought property, to support someone who either does not want to work, or wastes their money ?

 

 

What they should be doing in America is adding $2 on every pizza or burger to pay for the health care ! As I dare say most of the health budget is going on fat low earners !

Well you sound like a thoroughly unpleasant person.

[riclag]

Another tax  proposal! There must be another way! 

“Have you ever wondered where your income ranks in your state or how to be in the top 1% of annual income? In the USA, a family must earn an income of $597,815 to be in the top 1% of earners, according to a study by Smart Asset. But the income and rankings vary per state”.

https://www.usatoday.com/story/money/2022/01/25/top-1-percent-your-state/9210897002/#

[placeholder]

2 minutes ago, riclag said:

Another tax  proposal! There must be another way! 

“Have you ever wondered where your income ranks in your state or how to be in the top 1% of annual income? In the USA, a family must earn an income of $597,815 to be in the top 1% of earners, according to a study by Smart Asset. But the income and rankings vary per state”.

https://www.usatoday.com/story/money/2022/01/25/top-1-percent-your-state/9210897002/#

That's what you ought to have said about the previous administration's tax proposal.

[AgMech Cowboy]

It's all vocal bluster from a guy whose gaming the system for 60 years.

[Scott Tracy]

8 hours ago, RichardColeman said:

Why on earth should I - or anyone - pay more tax as I have saved, worked hard and invested well or bought property, to support someone who either does not want to work, or wastes their money ?

 

 

What they should be doing in America is adding $2 on every pizza or burger to pay for the health care ! As I dare say most of the health budget is going on fat low earners !

Ah socialism. The rich pay for the poor....Nooooooooo. Equal opportunities for all....Noooooooo. Let them suffer and die. I'm ok....until I lose my job and insurance. Then the shoe is elsewhere....

[ozimoron]

6 minutes ago, Scott Tracy said:

Ah socialism. The rich pay for the poor....Nooooooooo. Equal opportunities for all....Noooooooo. Let them suffer and die. I'm ok....until I lose my job and insurance. Then the shoe is elsewhere....

Which country doesn't tax the rich more than the poor?

[jchfriis]

20 hours ago, placeholder said:

the more they can contribute to get politicians elected.

Didn't you mean: the more politicians they can buy.

[Yellowtail]

So why does he not just eliminate the limit on Social Security deductions? Clearly that would generate more votes errr revenue. 

[Yellowtail]

19 minutes ago, ozimoron said:

Which country doesn't tax the rich more than the poor?

Everyone knows the greedy rich pay nothing in the US! 

 

Mitt Romney paid less in taxes than his housekeeper! 

[placeholder]

1 hour ago, Yellowtail said:

So why does he not just eliminate the limit on Social Security deductions? Clearly that would generate more votes errr revenue. 

First of all, this is about Medicare, not Social Security. And he said he wants to tax the wealthiest. I'm not sure why the line was drawn at $400,000 but if you're goal is to tax the wealthiest then you've got do draw the line somewhere.

[malibukid]

if the U.S. government would extend Medicare to its expats it would save the country millions.

[placeholder]

5 minutes ago, malibukid said:

if the U.S. government would extend Medicare to its expats it would save the country millions.

It certainly is feasible. Veterans eligible for VA care can be treated abroad. 

[Yellowtail]

37 minutes ago, malibukid said:

if the U.S. government would extend Medicare to its expats it would save the country millions.

How? The administrative overhead would be more than "millions" . 

[berrec]

Why collect more tax from Americans and corporations when what you collect now is wasted on unnecessary programs. 

 

US government don't have a current tax collection problem, they have a wasteful spending problem.

 

9 Crazy Examples of Government Waste in 2022

 

Paul's annual report details more than $54B in wasteful federal government spending

 

Watchdog calls out the government’s most ridiculous spending

[bamnutsak]

It's a "proposal" to fund the most successful health care initiative in the United States. And to reduce the deficit.

 

Certainly worthy of debate and discussion.

 

What does the right ever propose?

 

"Repeal and Replace"?

 

"Sunset Medicare in 5 years" - Sen Rick Scott.

 

 

 

 

[ozimoron]

1 hour ago, berrec said:

Why collect more tax from Americans and corporations when what you collect now is wasted on unnecessary programs. 

 

US government don't have a current tax collection problem, they have a wasteful spending problem.

 

9 Crazy Examples of Government Waste in 2022

 

Paul's annual report details more than $54B in wasteful federal government spending

 

Watchdog calls out the government’s most ridiculous spending

Most US corporations don't pay any tax so you should be happy about that. 

 

https://itep.org/55-profitable-corporations-zero-corporate-tax/

Edited March 10, 2023 by ozimoron

[placeholder]

11 hours ago, Yellowtail said:

How? The administrative overhead would be more than "millions" . 

Excess Administrative Costs Burden the U.S. Health Care System

 

1 hour ago, berrec said:

Why collect more tax from Americans and corporations when what you collect now is wasted on unnecessary programs. 

 

US government don't have a current tax collection problem, they have a wasteful spending problem.

 

9 Crazy Examples of Government Waste in 2022

 

Paul's annual report details more than $54B in wasteful federal government spending

 

Watchdog calls out the government’s most ridiculous spending

Even if all of, say Paul's allegations were valid, they would constitute about 1.5% of the 2019 pre-covid government budget. Much smaller if you use the 2020 covid budget as a basis which is what Paul's allegations refer to.

[placeholder]

11 hours ago, Yellowtail said:

How? The administrative overhead would be more than "millions" . 

The costs of administering the Medicare program have remained low over the years – less than 2 percent of program expenditures

https://www.kff.org/wp-content/uploads/2013/01/7731-03.pdf

[thaibeachlovers]

21 hours ago, AgMech Cowboy said:

It's all vocal bluster from a guy whose gaming the system for 60 years.

True. It's just a "wish list" at present. The final budget will depend on the GOP, as they control the money.

At the moment he can say anything he wants.

He should have done it all when the Dems controlled the house, but he didn't!

[placeholder]

On 3/9/2023 at 9:56 AM, RichardColeman said:

Why on earth should I - or anyone - pay more tax as I have saved, worked hard and invested well or bought property, to support someone who either does not want to work, or wastes their money ?

 

 

What they should be doing in America is adding $2 on every pizza or burger to pay for the health care ! As I dare say most of the health budget is going on fat low earners !

The reasoning behind your argument  also applies to Social Security. In other words, it's an argument that lost the war a  long time ago. And clearly, using moral arguments about the obligation of government to help those in need would be wasted upon you. 

[Yellowtail]

7 hours ago, bamnutsak said:

It's a "proposal" to fund the most successful health care initiative in the United States.

If it's already successful, why does it need additional funding. 

 

7 hours ago, bamnutsak said:

And to reduce the deficit.

Of course