Just to let you know the “doctor class” pays a heck of a lot more than 25% DH and I are both doctors and we make a nice income, but no where near a million a year. Our marginal tax rate is close to 50% and we have absolutely no tax shelters. If your income is all earned wages, there are no shelters. period.
I paid over 6 figures in federal tax last year on an income that was less than you would think. Taxes are killing me
And before you throw stones at the income I make, I spent 11 years post HS, 7 years post college in training while all my friend were actually making money. I work 12-14 hour days, nights, holidays etc to make less than the plumber you call to fix your sink. So get over your glee that someone is going to “stick it to me” - they already do.
Currently, unlike other businesses doctors have very little options to reduce taxes. The main option is a deferral of taxes through contributions to retirement plans. As a tax shelter it is just a "pay later" rather than now option. In our current environment it is possible that DR's and other professionals will pay more on income deferred if congress keeps raising rates.
Honest question. Will this plan benefit you and your husband?
I thank you for your sacrifices and recognize the number of years you were out of the market not making a wage. And now that you are, you are putting up with crappy hours and miles of red tape.
I was in post grad training for 5 years beyond my BS. I don’t know if a person ever truly catches up to their peers who go straight to work. Both of my brothers went straight to work after their BS and I think they are doing better than me. In fact, I know they are and I am happy for their success.
A person really has to enjoy their profession.
MFO