Medicare saved by closing tax loophole

Senate agrees to close tax loophole for rich to save Medicare from bankruptcy
https://www.msn.com/en-us/news/politics/senate-democrats-agr…

The lawmakers plan to close the loophole for individuals earning $400,000 or more a year, which allowed them to avoid a 3.8% tax on some income from pass-through businesses, sources told NBC News and Business Insider.

The tax would also apply to couples, trusts and estates making at least $500,000.

One source added that the 3.8% tax will raise about $200 billion over a decade, which will fund Medicare through 2031 in effort to save the federal health care program from bankruptcy.

Without intervention, Medicare’s hospital insurance trust fund is expected to undergo a shortfall in 2028.

intercst

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Next step is to do something similar for Social Security.

Wendy

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Next step is to do something similar for Social Security.

A three-year “solution” is not much of a solution.

DB2