President Joe Biden on Tuesday unveiled a plan to extend Medicare’s solvency into the 2050s by raising taxes on high-income Americans and cutting prescription drug costs, a proposal that Biden presented as an alternative to GOP attacks on the healthcare program used by tens of millions of seniors.

“If the MAGA Republicans get their way, seniors will pay higher out-of-pocket costs on prescription drugs and insulin, the deficit will be bigger, and Medicare will be weaker,” the president wrote in an op-ed for The New York Times. “The only winner under their plan will be Big Pharma. That’s not how we extend Medicare’s life for another generation or grow the economy.”

According to an outline released by the White House on Tuesday morning, Biden’s proposal would “extend the solvency of Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years” by raising the Medicare tax rate from 3.8% to […]