March 2017 – Q: Will the new administration’s tax changes impact us for 2017? Is there one change you hope to see?
A: I believe that any tax changes – good or bad – will be retroactive for 2017 unless they don’t get to Congress until 2018, which is unlikely. Although there is a good possibility of tax changes in 2017, I advise not taking action until the details are ironed out. Tax changes discussed during the campaign represent priorities rather than details.
One change I hope to see in a new health care system or in the tax code is that senior citizens who elect to opt out of Medicare are not punished. Currently you are denied your Social Security if you opt out of Medicare, thus leaving no option but to accept Medicare and any Plan B coverage that you need. My hope is that you will soon have the option to choose a plan like Samaritan Ministries or another health sharing plan.
I also hope senior citizens will be given a wider range of options in choosing their health care. This would mean greater competition and, hopefully, a significant cost savings.
Dan Celia has been in financial management for more than 30 years. He works closely with AFA Foundation and can be heard six days a week on AFR Talk (afr.net).
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