The Hill President Biden fired the opening shots of the battle over spending and taxes that will consume Capitol Hill this year when he proposed on Tuesday a 5 percent Medicare surtax on people who earn more than $400,000 a year.
The White House is hailing the proposal, which is part of Biden’s budget plan, as something that will extend Medicare’s solvency by 25 years, but Republicans are slamming it as a “massive” tax hike and key Democrats are ducking for cover, declining to say whether they will back it.
The proposal reopens the fierce political battle that wracked Capitol Hill more than a decade ago when Democrats included a 0.9 percent Medicare tax on earnings and a 3.8 percent tax on investment income for wealthier individuals in the Affordable Care Act.
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