skip to main content

Friday, June 2, 2023

play newscast audioPlay

WI working family advocates shine a spotlight on Reps' voting records; a new report says that Phoenix area can't meet groundwater demands; Nevada sporting community sends top 10 priorities to Gov. Lombardo's desk.

play newscast audioPlay

The Senate aims to get the debt limit spending bill to President Biden's desk quickly, Florida Gov. Ron DeSantis makes a campaign stop in Iowa, and a new survey finds most straight adults support LGBTQ+ rights.

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

A new park, San Vicente Redwoods, opened up late last year near Santa Cruz, Calif., in an area previously ravaged by fire and logging. (Nadia Hamey)

Environment

play sound

This Saturday, June 3, thousands of Californians will be among hundreds of thousands of Americans heading into the great outdoors to celebrate …


Social Issues

play sound

A coalition of Wisconsin groups is asking Gov. Tony Evers to reject bills it contends would make it harder for people struggling to get by to bounce …

Social Issues

play sound

Two months from today, Minnesota will begin the process of removing low-level marijuana convictions for those who have them on their criminal records…


Alabama is one of only three states still applying its full state sales tax on the purchase of groceries and food items. (Adobe Stock)

Social Issues

play sound

Groups working to fight poverty in Alabama are urging state senators to approve a bill aimed at lowering food costs for families. House Bill 479 …

Social Issues

play sound

Navigating college can seem overwhelming for first generation students, but an early outreach program at Arizona State University aims to change it…

Nebraska was one of 10 states to further restrict abortion access in the 2023 legislative session. At least 48 bills were passed involving restrictions for LGBTQ+ individuals. (Yurii Kibalnik/Adobe Stock)

Health and Wellness

play sound

A new Nebraska law is now the subject of a lawsuit filed in the District Court of Lancaster County. In its amended form, Legislative Bill 574 …

Social Issues

play sound

A proposal from the federal government could provide a better path toward student loan debt repayment, but a new survey finds many borrowers don't …

Environment

play sound

Maine lawmakers are considering two pieces of legislation which supporters said are needed to ensure "responsible" development of offshore wind projec…

 

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