I was speaking to my Doc during my quarterly diabetes exam, and the subject of Obama and his taxing the rich came up. He stated quite plainly what the effect of the proposed tax increases will mean for their practice.He indicated that the 7 Doctors in the practice would all be impacted by the tax increase - which you could expect for a larger family practice. I asked, and he confirmed that these Doc's all earn between $250 and $350K per year. He stated that based on what the tax proposals are, it would mean an increase in their taxes of about $50,000 per year. For all 7 doctors. $350,000 total extra cost in taxes to the practice as well. This is composed of the increase in payroll tax plus the removal of the cap on Social Security taxes that are proposed...... So their only option is to cut expenses in the practice. But where can they reasonably cut? My Doc basically said they have two choices - either all their staff will have to take between a 20-25% paycut, or they'll have to let go of about 7 people.Forgive the intrusion, I don't post much here anymore and I just saw this on "Best Of"You need to get a new doctor. Now. Seriously. Your doctor is not an intelligent individual. We're talking seriously dumb. You're trusting your health to a person who can't do basic math or understand very simple concepts. That is not the caliber of person you should entrust your health to. Let's say your doctor makes the high of your scale, $350,000/year. Reasonably, he can come up with about $50,000 in deductions. Interest on student loans, mortgage interest on the nice house you said he had, etc. All that is tax deductible. So realistically he has probably has about $300,000,000 in taxable income, give or take. Obama is not proposing to change the Bush tax law that increases the the marginal rate about $250K from 33 percent to 36 percent.* So your doctor friend can expect to see his taxes on that money above $250K increase by three percent from $16,500 to $18,000. (50K times .036) That's right. His taxes will go up by $1,500 per year. Now, $1,500 a year is a decent amount of money, but he can recoup that by simply skipping his daily latte' at Starbucks. For someone making $350,000/year that is not a catastrophic expense. The reason why I mention this is that you are entrusting your health to a person who can't do basic math or comprehend simple concepts. If he can't figure out something straightforward like a simple multiplication problem, how is he going to deal with something complicated like your health? If my doctor told me something so absurdly stupid like your doctor told you, that would be my last visit. Was he seriously talking about laying off his staff to save $1500? That is just too stupid for words. This guy is an idiot. There are plenty of smart, competent doctors out there. For the sake of your health and for the sake of your loved ones who care about you, I strongly urge you to ditch this buffoon and find a real doctor. Several members of my family have diabetes including my brother, and I know there are good doctors out there. I wish you good luck. *Yes, this is Bush's tax increase. It was in the bill his administration proposed, was passed with Republican majorities in both houses, and he signed it into law.
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