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Is there a maximum marginal rate beyond which would curtail working as a doc?

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  • CordMcNally
    replied
    I'm sure I have a number but I'm not sure what exactly it is. I'm young and hungry so the tax rate would have to be pretty high. I will say, that number does get lower and lower for me each year.

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  • CordMcNally
    replied


    I really hope that she does not get elected, I wish that there were a candidate proposing a 14% increase in payroll taxes to decrease the deficit and begin to pay down the debt rather then a 14% increase in payroll taxes to create more entitlements for people.
    Click to expand...


    If you're looking for common sense actions, you shouldn't be looking towards the government.

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  • wa2106
    replied
    Currently no but I'm early in career and need money.  Imagine answer would be different when I'm FI.

    I think older physicians should head for the door now in preparation for this atrocity.

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  • nephron
    replied
    That is a very high tax rate she is proposing.   I probably would look to cut back at the 60-70% tax rate, maybe take close more clinic days, take more days off.   The problem with taxes is that your overhead would remain largely fixed though, the staff still needs to be paid, rent still needs to get paid, etc, and if you cut back substantially, your fixed expenses would be eating up a larger proportion of your salary.    I really hope that she does not get elected, I wish that there were a candidate proposing a 14% increase in payroll taxes to decrease the deficit and begin to pay down the debt rather then a 14% increase in payroll taxes to create more entitlements for people.

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  • benign_user
    replied
    You can make an s-Corp and pay less payroll taxes.

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  • Crazyroadtodublin
    replied
    The issue is that she wants to burn the candle at both ends....Wealth tax on the high end payroll on the other end.  (How's that for trouble

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  • Peds
    replied
    If I can generate a million....I would do it.

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  • Is there a maximum marginal rate beyond which would curtail working as a doc?

    A physician friend (and troublemaker) on FB posted an article describing Elizabeth Warren’s proposed plan to increase social security benefits to the needy and increase the tax on the wealthy. To wit, to generate additional revenue, she would reinstitute the payroll tax at 14.8%, above $250k.

    It did not take all of my fingers and toes to realize that I would get to keep 40 cents of my last dollar earned and that I would have no interest in working to earn above $250k under those circumstances. Likely, others in the professional class might feel the same, while many do not have a choice and many more will work to earn as much as possible no matter the taxation regime.

    So do you have a “number”, and what is it?

    https://www.cnn.com/2019/09/12/politics/elizabeth-warren-social-security-expansion-plan/index.html
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