Proposed increase in Medicare tax

The White House released a preview of President Biden’s budget proposal in which he is proposing to raise tax rates on people earning more than $400,000 a year to extend the solvency of Medicare past the projected shortfall in 2028. Employers and workers each pay half of the 2.9 percent of the Medicare tax. Individuals earning above $200,000 owe an additional 0.9 percent; and 3.8 percent on capital gains and investment income, a general revenue tax Biden wants to redirect to Medicare. Read the article here…

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