The proposal would ensure owners of certain “pass-through” businesses would pay the 3.8% net investment income tax to fund health care and would apply to individuals who earn over $400,000 annually and joint filers who earn more than $500,000. According to a US Treasury report, Medicare is expected to be insolvent by 2028 without any changes.
On Wednesday, Schumer filed an agreement allowing Medicare to negotiate prescription drug prices. The two other key provisions of this current deal — energy and taxes — are still being negotiated by moderate Democratic Sen. Joe Manchin of West Virginia and Schumer.
CNN previously reported Schumer has privately told his caucus that he wants to bring a bill to the floor before the August recess if he can strike a deal with Manchin. The recent moves this week by Schumer signal his commitment to try and move forward with a bill as early as July, according to a source familiar with his thinking.
