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Saturday, August 21, 2021 2:53:39 PM
BTW, from another post of yours:
As far as limiting tax harvesting, that is already in effect as you cannot claim more than 3K in losses in any given year. How about doing that with gains.......How about when Invest sells his Amarin load for $20 a share, imagine if all he had to declare as income was 3K every year and carry forward the remaining.
You can offset ordinary income by using $3k of capital losses per year - if you have long term capital losses you can offset gains dollar for dollar - if Invest has $50k in AMRN cap gains upon a sale or BO, if he has $50k in loss carryovers (or new ones from selling losers), his net cap gain is zero and he owes no taxes. Don't know if that offsets the Medicare premium increase - I think it should, because his tax return will show no sudden increase in taxable income.
Also found this unfortunate news - the 2022 COLA for SS may go up as high as 6%, an enormous increase, biggest one in 40 yrs - but almost all of it is going to get taken right back by increases in Medicare premiums, meaning the real cost of living will have gone up by retirees will actually have less inflation adjusted money to pay for it:
https://www.forbes.com/sites/bobcarlson/2021/08/20/change-proposed-for-social-security-cola-and-what-higher-inflation-means-for-medicare-and-social-security-beneficiaries/?sh=7286e7eb5c2a
Whatever the COLA turns out to be, it could be absorbed by higher Medicare Part B premiums.
Many people don’t realize that the 2021 Medicare premium increases were artificially and temporarily restrained by one of the Covid-19 relief bills enacted in 2020.
From 2020 to 2021, the base Medicare Part B premium increased only $3.90 to $148.50 per month. Without the cap imposed by Congress, the base premium would have been $160.20.
In 2022, the temporary cap will be lifted. The normal 2021 increase will be reinstated, plus whatever 2022 increase is calculated on top of that.
A 5% increase for 2022 would cause the base premium to increase to around $168, or about 13% higher than the artificially low 2021 premium. The Medicare surtax, or IRMAA, imposed at higher incomes would increase as well.
Remember that Medicare Part B premiums are calculated to be 25% of Medicare’s estimated per-capita spending for the year. The other 75% is paid by general tax revenues.
The Social Security COLA will be announced by mid-October. The Part B premiums will be announced in November.
The Thought Police: To censor and protect. Craig Bruce
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