WASHINGTON — President Joe Biden on Tuesday said he’ll propose increasing taxes on some upper-income business owners and expanding prescription drug cost controls enacted in last year’s budget reconciliation package as a means of lowering federal deficits and extending Medicare’s solvency.
The provisions, which will be included in Biden’s fiscal 2024 budget request coming Thursday, are designed to add about 25 years to the life of Medicare’s Hospital Insurance trust fund, according to a fact sheet the White House released.
“The budget I am releasing this week will make the Medicare trust fund solvent beyond 2050 without cutting a penny in benefits,” Biden wrote in a New York Times op-ed posted Tuesday morning.
