Pros and Cons of Joe Biden’s Plan to Tax ‘Unearned Income’ for Funding Medicare
Should Joe Biden tax “unearned income” to fund medicare? The White House is proposing a tax increase that would impact both “earned and unearned income” above $400,000. According to the White House, high-income individuals are supposed to pay a 3.8 percent Medicare tax on all of their income, but some have found ways to shield portions of their income from taxes by classifying it as neither earned income nor investment income. This loophole has allowed high-paid professionals and wealthy business owners to avoid paying their fair share, prompting the White House to take action. In this blog post, we will delve deeper into the proposed tax increase and explore its potential impact on the economy and healthcare system. For more information, Lars speaks with Grover Norquist, the President of Americans for Tax Reform.