skip to main content

Tuesday, June 6, 2023

play newscast audioPlay

Lawmakers consider changes to Maine's Clean Election law, Florida offers a big no comment over "arranged" migrant flights to California, and the Global Fragility Act turns U.S. peacekeeping on its head.

play newscast audioPlay

A bipartisan effort aims to preserve AM radio, the Human Rights Campaign declares a state of emergency for LGBTQ+ people, and the Atlanta City Council approves funding for a controversial police training center.

play newscast audioPlay

Oregon may expand food stamp eligibility to some undocumented households, rural areas have a new method of accessing money for roads and bridges, and Tennessee's new online tool helps keep track of cemetery locations.

Millionaires: Medicare Tax Proposal Just What the Doctor Ordered

play audio
Play

Thursday, March 16, 2023   

President Joe Biden's proposal to increase taxes on Americans earning more than $400,000 a year from 3.8% to 5% in order to shore up Medicare is being welcomed by an unlikely constituency, the ultrarich.

Morris Pearl, chair of the group Patriotic Millionaires and a former managing director at BlackRock, said there is more than enough money to fund Medicare. He argued the wealthiest Americans, especially those living off of their investments, can and should be paying more.

"Our country can go two different directions," Pearl asserted. "We can ask the financially challenged people who need Medicare to sacrifice more by having less medical care, or we can ask the ultrarich to sacrifice more, by being a little bit less ultrarich."

Biden's proposal would keep Medicare solvent for at least the next 25 years, according to estimates by the Medicare Office of the Chief Actuary. Sen. Mitch McConnell, R-Ky., the Minority Leader, has dismissed the proposal and promised it will not advance in Congress. Critics said raising taxes would hurt the economy, which depends on consumer activity. They argued people would spend less if their earnings drop.

Pearl agreed the economy depends on consumer spending, and stressed working Americans who spend most of what they bring home should be allowed to keep more of their money.

"The very rich people are not going to spend more money; they'll just become a little bit richer," Pearl contended. "Somebody like me, if my tax rates are cut, I'm not going to live any differently. I'll just see the balances in my portfolio be a little bit higher than they would otherwise."

More than 65 million people in Colorado and across the U.S. depend on Medicare coverage, but the fund's trustees warn cuts to benefits will be necessary by 2028 without increased revenues. Pearl noted the nation's economy was strong under the Republican Eisenhower administration, when the wealthiest Americans paid tax rates up to 90% on their second, third and fourth millions.

"And there's no reason why people who make a lot of money now should be paying -- not the same tax rate as people who work for a living -- but actually lower tax rates than people that work," Pearl emphasized. "We need to change the system."


get more stories like this via email

According to the Mars Veterinary Health study, nearly 41,000 additional veterinarians will be needed to meet the needs of companion animal health care by 2030. (Adobe Stock)

Environment

play sound

In Arizona, telemedicine is now not only available for humans but also for people's beloved animals. Last month Governor Katie Hobbs signed Senate …


Environment

play sound

Ruybal Fox Creek Ranch sits in a dramatic canyon in the foothills of southern Colorado's San Juan Mountains, right next to the Rio Grande National …

Social Issues

play sound

A court hearing next week could help determine whether an eastern South Dakota mayor will face a recall election. Events are rare for this state…


A new measure in this year's report shows many older adults spent more than 30% of their income on housing. (Adobe stock)

Social Issues

play sound

Indiana ranks closer to the bottom of U.S. states where you will find healthy seniors living than the top, according to a new report. …

Social Issues

play sound

The last day of school for Texas kids is typically one of elation, but for children in rural areas with high poverty rates, it also can mean …

According to the U.S. Environmental Protection Agency wetlands cover 5.5% of the 48 contiguous states, with one million acres of wetland in Virginia. (Adobe Stock)

Environment

play sound

Virginia environmental advocates are not happy with the U.S. Supreme Court's recent decision on the Clean Water Act. The ruling in Sackett versus E-P-…

Social Issues

play sound

Record-high demand has prompted the Ohio Association of Food Banks to request additional funding in the biennial budget to increase the capacity of fo…

Social Issues

play sound

The Biden administration has unveiled a plan to combat the rise in antisemitism across the U.S. In New York, Anti-Defamation League data finds …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021