Biden proposes Medicare tax increase to keep fund solvent

President Biden has unveiled a plan aimed at extending the life of Medicare. In order to keep Medicare solvent for another 25 years, the president proposes higher taxes on the wealthy. Under his plan, the Medicare tax rate would rise from 3-point-8 percent to 5 percent on income over 400-thousand dollars per year. The president also wants to reduce government payments for some prescription drugs. But getting Congress to approve the plan likely will be difficult, with a Republican-led House and closely divided Senate.