President will propose raising taxes on Americans earning more than $400,000 to boost funding for Medicare and expand the program's ability to negotiate lower costs for prescription drugs in a bid to fix an imminent funding crisis. The White House will propose three key changes including the tax hike and new rules to reduce prescription drug costs, the reported, citing a copy of the plan seen by the newspaper., created by the Affordable Care Act, from 3.8 percent to 5 percent for all Americans earning more than $400,000 per year, according to the report.
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