Representative Lloyd Doggett (TX-37)’s Assuring Medicare’s Promise Act of 2023 would benefit over 65 million older and disabled Americans who rely on Medicare by extending the program’s solvency by twelve years from 2028 to 2040. The bill would accomplish this by directing $650 billion into the Medicare trust fund in two ways. Roughly $250 billion would come from closing two tax loopholes primarily benefiting wealthy business owners described below. The other half would come from current tax collections that are going to the general fund but were originally intended for the Medicare Trust Fund.
