U.S. President Joe Biden will seek to raise the Medicare tax on high earners and push for more drug price negotiations to help keep the federal health insurance program solvent through at least 2050 as part of his budget proposal this week, the White House said.
The president is scheduled to unveil his budget on Thursday, including a speech in Philadelphia to highlight his plan, although it faces likely opposition from Republicans who control the House.
His proposal also seeks to close loopholes that allow high earners to shield some of their income from the tax, the White House said.
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