To support the program through 2050, President Joe Biden proposes increasing the Medicare tax on high-income Individuals and pursuing new medication price talks.

The idea would increase the tax rate from 3.8% to 5% for anyone earning over $400,000 annually. The plan is an attempt to gain Republican support for a budget bill for 2024.

“They want assurance that Medicare will be there for them when they reach age 65 after they have worked all their lives and contributed to it with every working day,” according to a White House statement. The budget of the President expands the Medicare Trust Fund by at least 25 years. It achieves these advantages with no benefit cuts while cutting costs for Medicare enrollees.

In addition, the proposal asks to address current Medicare tax loopholes and use the Inflation Reduction Act (IRA) ability to negotiate rates for expensive pharmaceuticals.

Thursday will mark the unveiling of the President’s entire budget proposal. According to the Congressional Budget Office, one-third of federal spending is allocated to Medicare and Social Security. In Congress, concerns about their future solvency are recurrent.