US President Joe Biden has proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance programme’s solvency by 25 years and provide a degree of middle-class stability to millions of older adults.
In his plan, Biden is overtly declaring that the wealthy ought to shoulder a heavier tax burden. His budget would draw a direct line between those new taxes and the popular health insurance programme for people older than 65, essentially asking those who have fared best in the economy to subsidise the rest of the population.
