Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.
Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan.
The Biden administration announced recently that the U.S. will no longer be in a COVID-19 emergency as of May 11, which means that an estimated five to 14 million Americans could lose access to health insurance via Medicaid.