Hidden Surcharge

Good Lord, I just turned to AI for a few fun facts. It answered by asking me if my question was in reference to the piece I submitted to HumbleDollar today. While I find that a bit creepy, it gave me an interesting factoid. Here it is, word for word:

The “Hidden Surcharge” Fact: > Most people think the highest marginal tax rate in the U.S. is 37%. However, when you factor in the MAGI “cliff” for Medicare Part B and Part D (IRMAA), a single dollar of additional income can effectively be taxed at a rate of over 1,000% for that specific dollar, because it triggers thousands of dollars in higher premiums for the entire year.