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Biden will seek Medicare changes, up tax rate in new budget

March 7, 2023

President Joe Biden wants to increase taxes to boost funding for Medicare and expand the program’s ability to negotiate lower costs for prescription drugs, according to advance details of his budget proposal being released later this week.

The Democratic president outlined his plan in a guest essay in The New York Times on Tuesday, writing that “Medicare is more than a government program. It’s the rock-solid guarantee that Americans have counted on to be there for them when they retire.”

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