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doing research, or pharma consulting. The marriage penalty in our tax code makes it highly disadvantageous for a second high earning spouse to work.
Any sources on those numbers?
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Any sources on those numbers? -
I think part of the change from “the olden days” to now is, fewer docs are owners and more are employees. In the good old days when you owned your practice it seemed like people did it longer due to a deeper commitment to patients, community, etc. I think now where most are employees it’s easier to walk away or go part time.
I agree that’s a big part of the change. I also think the steady increase in what I call “bureaucratic nonsense” (stuff we have to do simply to meet some arbitrary requirement imposed by various outside entities in order to get paid or remain licensed, rather than because it actually improves patient care) is burning practitioners out faster, leading to shorter careers. When every day at work starts feeling like standing in line at the DMV, why work longer than you absolutely have to?
I agree with this. Certainly one of the main reasons for my retirement was hospital bureaucracy and what I saw as various roadblocks to providing safe and effective patient care. Also, there are real costs at the licensing level. I still have my licence and necessary credentials to practice but they are expensive in terms of time and money. I am in a relatively high demand sub-specialty and when word got out that I had packed it in the phone started to ring from colleagues who asked me if I would do some locum/relief work. Generally, I declined but on a couple of occasions an old friend was in a jam and I agreed to help. The hoops I had to jump through and the costs involved were ridiculous to get credentials to practice in another jurisdiction. This is generally a full employment program in my mind. There need to be checks on people but when someone has been a member in good standing of one or two Colleges and has never had a lawsuit against and is being asked to go somewhere by a local MD for a few weeks to serve a population.... well, IMHO it should be a bit easier.Comment
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doing research, or pharma consulting. The marriage penalty in our tax code makes it highly disadvantageous for a second high earning spouse to work.
Any sources on those numbers?
You don't need sources, just plug in addition income in taxcaster or some tax estimation program. All of that additional money is probably taxed at the highest federal tax bracket. Add in FICA, state, ACA, etc. and the effective tax rate on the additional money is likely over 50%. If that person were single instead, earning same income, they would fill up all the lower tax brackets and the effective rate on that income would be lower. Two single high income people will most certainly pay less tax than if they are married.Comment
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ent program in my mind. There need to be checks on peo
Remember that there are far more female physicians graduating residency than 30 years ago. In many fields, training 1 female physician produces 0.5 FTE physicians or less. In my residency class, >75% of the female physicians work very part time or not at all. Most are married to high earners and like being with their kids, or doing research, or pharma consulting. The marriage penalty in our tax code makes it highly disadvantageous for a second high earning spouse to work.
Thanks I meant to quote Raster about the female FTEs, not sure if that was my mistake or a bug..Comment
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