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|Author: ||ryan foreman|
|Subject: ||RE: Aren't you disgusted when you look at your gross income vs net income?|
Doctors are screwed by Uncle Sam. This is one big problem with healthcare in our country that nobody talks about. They get taxed so much on their skill and hard work that its a barrier to people becoming doctors and it curbs the supply of good doctors.
A doctor in California may be rich in their yearly income but they are not necessarily wealthy. Its the worst of all worlds with taxes. With a high taxable income they don't get the benefits of lower tax rates and generally they get phased out of various deductions and credits for lower middle class earners. And unless they make a huge amount of money per year a large portion of their income is also subject to Social Security. Nor do they get the benefits of having accumulated a lot of wealth. When you have accumulated wealth you reach a point where you can perpetually defer taxes and let you wealth earn ever more wealth.
The best you can say is that you are in position to accumulate wealth through maximizing limits on deferred tax vehicles like IRAs and 401Ks. And you should be able to get a nice mortgage rate on a house. But do you honestly feel confident that your investments will perform the way they did for doctors who practiced throughout the 80s and 90s?
The sad thing is that only Ralph Nader and Ron Paul are sympathetic to your plight. The major parties are both working for the super wealthy and nobody else.
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