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not only do we have a 20% capital gains rate but that level trips the 4% medicare surcharge so it is actually 24% . the medicare surcharge has nothing to do with whether you have medicare or not , everyone pays that surcharge at that income level , but it gets worse because odds are a large enough capital gain will trip the amt tax too .
we tripped all 3 in 2014 . it gets even worse because medicare looks at your tax return two years ago so now on top of everything we got hammered on we got raised 300% on my wifes medicare from 104.50 to 389.50 a month .
Due to political uncertainty, some posters suggest cutting back on expenses to offset likely tax increases and benefit decreases. I am thinking of going the other way. I should spend and enjoy my money. Both my wife and I have long term chronic diseases. They are not life threatening but greatly increase the risk that one or both of us will require long term skilled nursing care. At that point we will just ask Medicaid or, in my case the VA, to pay the costs.
If you are counting on Medicaid to pay your SNF costs, you'd best read up on it: what's allowed in assets for the community (at-home) spouse, what's allowed in your name (not much), and whether your facility will maintain your accommodation status when you cease to self-pay. (I assume you know all this, but many assume Medicaid is to the rescue). VA may be totally different and your best bet. Do a lifespan projection and add seven years!
Marxist radicals have taken over the Democratic Party which now is openly anti-capitalist.
That's a sweeping generalization if I ever heard one.
Right now we have a hybrid of capitalism and socialism (capitalism + social assistance). Trump is all business model. Sure the wealthiest in the country—including retirees who are totally self-funded and can do without SS and Medicare—will do better under a business model rather than a "social" (note: not socialist) democracy. Business model is corporate model, power top—down. That as we've seen from history leans to an authoritarian (dare I say fascist) state on the political spectrum. Which is all well and good for those at the top. Middle and lower classes get pushed down and possibly crushed.
If you are counting on Medicaid to pay your SNF costs, you'd best read up on it......................
I understand the basic rules for Medicaid. That is why I mentioned just enjoying my assets and giving them away or using them to the fullest.
And the VA is a wonderful option. Politicians are universally in favor of improving VA benefits. The VA is all for growing and providing more. No one is concerned about overpayments. The VA seems really anxious to provide me with services regardless of the rules that are supposed to limit coverage based on income and assets.
I do not understand the logic of free college. We already have uninterested kids drifting through high school and bringing down the commitment to learning that some other students have. We often see colleges and universities where there is a strong emphasis on drinking and parties. We don't need anything that will result in further degradation. Why not just increase student financial aid for the needy and subsidize low cost loans for those in between?
Let's face it I am also concerned about my own situation. I have already paid for my education and that of my kids. My kids did their share with part time jobs, and loans, and scholarships. My kids are still paying off student loans and now I and they need to be taxed more to make college free for someone else? I certainly agree we should do something to make college more affordable but not free and not at my expense.
Well, as I've told my daughter, who's a Bernie Sanders supporter even if she can't really give a good reason why she is, except that Democrats can't ever support other than a Democrat candidate, and Hillary gives her the willies, to be prepared to fork over approximately 90% of her hard-earned wages for taxes- all that free stuff isn't free, someone has to pay for it.
If you are counting on Medicaid to pay your SNF costs, you'd best read up on it: what's allowed in assets for the community (at-home) spouse, what's allowed in your name (not much), and whether your facility will maintain your accommodation status when you cease to self-pay. (I assume you know all this, but many assume Medicaid is to the rescue). VA may be totally different and your best bet. Do a lifespan projection and add seven years!
the real problem is the allowable income for the stay at home spouse . assets can be dealt with and protected . but the income level they allow in an area like long island is impoverishment .
that is the main reason we went with a ny partnership plan for ltc coverage . it is all the perks after the 3 years insurance coverage runs out that we really wanted
Isn't that just for the very highest categories, not the middle class and lower? I think the highest tax rates are far too low as it is.
I'm a registered Democrat, but one thing for me is certain, and that is that I do not believe that everyone deserves a free college education. I paid for my own education without a cent of financial aid, and I think current and future generations should do the same.
I think the best thing for all of us to do is vote for the candidate we think will do the best job regardless of the party we belong too.
Sub-prime lending was a Govt mandate, a dictate to banks to lend irresponsibly.
Well, I wouldn't call it irresponsible lending. Risky, maybe, but it did give some people the ability to actually own a home instead of renting.
When I bought my house 19 years ago, I would have been considered a high risk. I didn't even have a credit card! With a 30-year mortgage (at a relatively high interest rate; I re-mortgaged years later for a better one) I managed to pay off my house in 15 years. I'm grateful that a bank took a chance on me! (that was before any 'mandate')
I think the problem came when all of these sub-prime mortgages were bought up and packaged together and sold to one or two investment houses. IIRC, some people actually lied about the veracity of many of the loans. If ten banks each have three bad loans, well, they can probably handle that financially. If one bank is stuck with a million bad loans, that's another story altogether.
Disclaimer: I don't really follow the financial news, so I could be off about my statements above. They are just the 'sense' I have about the bail-outs.
That's a sweeping generalization if I ever heard one.
Right now we have a hybrid of capitalism and socialism (capitalism + social assistance). Trump is all business model. Sure the wealthiest in the country—including retirees who are totally self-funded and can do without SS and Medicare—will do better under a business model rather than a "social" (note: not socialist) democracy. Business model is corporate model, power top—down. That as we've seen from history leans to an authoritarian (dare I say fascist) state on the political spectrum. Which is all well and good for those at the top. Middle and lower classes get pushed down and possibly crushed.
"The Donald" is the only Republican candidate who does not want to change Social Security or Medicare. As of last week, anyway.
But I'm sure if he put his mind to it, he could make Social Security and Medicare the GREATEST social programs in the WORLD!
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