How Should Pain Physicians Prepare for Biden-Harris Tax Hikes

IPSIS: Formerly the Spine Intervention Society
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TikiTorches said:
Don't work as hard
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www.cnbc.com

Biden defines $400,000 a year as 'wealthy': Here’s what that buys in a big city

By national measures, those making $400,000 or more a year belong to a rarified group. But in a city, people with that income aren't exactly living large.
www.cnbc.com www.cnbc.com

"But according to a financial planning analysis, families making $400,000 a year aren’t exactly living large — especially in major cities. A family of four with $400,000 a year in income is more likely to drive a Toyota and take staycations than drive a Lambo and fly first class."
 
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A family of 4 making $400k is probably driving a Lexus. Toyota’s aren’t cheap either, $40,000 if you get an SUV with all the packages. Everyone probably has an iPhone, an iPad, two Nintendo switches so the kids don’t fight. Reality is when you make more, you spend more.
 
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I like the idea of spreading out the tax brackets because the difference between 60k and 100k is nothing like the difference between 1mil and 1bil.
 
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The garbage man and the nuclear physicist should make the same bc it isn't fair.
 
SommeRiver said:
The garbage man and the nuclear physicist should make the same bc it isn't fair.
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That is what the hardcore AOC type socialists believe.

Doesn't work. I lived in Russia for 4 months just a couple years after the fall of the USSR. No one tried hard during communism because there was no point. Why bother with hard work if your standard of living is just as high as the garbage man?
 
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SommeRiver said:
The garbage man and the nuclear physicist should make the same bc it isn't fair.
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Some might say a nuclear physicist and a doctor should make the same
 
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SommeRiver said:
The garbage man and the nuclear physicist should make the same bc it isn't fair.
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Get this BS out of here. He isnt saying a garbage man should earn 200k/year or the same as a nuclear physicist. He is saying they should be afforded the same retirement options and savings. Poorer people should have the options of saving just as much as the rich.
 
GandalfTheWhite said:
Get this BS out of here. He isnt saying a garbage man should earn 200k/year or the same as a nuclear physicist. He is saying they should be afforded the same retirement options and savings. Poorer people should have the options of saving just as much as the rich.
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You seem awfully upset. I made a statement obviously oversimplified and not to be taken seriously, but if your thing is the get offended by internet forum stuff go ahead...BTW - There will be changes negatively impacting all of us with regard to our money in due time, and when that happens I look forward to the debates.
 
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Agast said:
Some might say a nuclear physicist and a doctor should make the same
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...and why is that?

Let me know when your local nuclear physicist puts his/her license on the line and starts paying malpractice and assuming risk.

I have a cousin who is a physicist that runs a lab at an elite university, and while his IQ is no doubt 25 points higher than mine (whose isn't), he didn't spend years of his life on call and he doesn't put stuff in people or make them bleed.

They're underpaid IMO, but those are the ones who choose to stay in academia. Plenty of physicists or other high level scientists make tons of dough in the private sector, especially those employed in product development.
 
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SommeRiver said:
You seem awfully upset. I made a statement obviously oversimplified and not to be taken seriously, but if your thing is the get offended by internet forum stuff go ahead...BTW - There will be changes negatively impacting all of us with regard to our money in due time, and when that happens I look forward to the debates.
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me asking you to get your 'oversimplified' BS out of here does not make me upset. Its just me asking you to get your BS analogies out of here.
If you want to actually discuss the details of the 'changes negatively impacting all of us', go ahead and point it out.

Unless youre pushing 1M/year, this is not going to largely impact you. An extra 1-2% on the marginal tax rate for your 400,001-700,000 is not going to destroy or significantly impact your earning potential.
 
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GandalfTheWhite said:
me asking you to get your 'oversimplified' BS out of here does not make me upset. Its just me asking you to get your BS analogies out of here.
If you want to actually discuss the details of the 'changes negatively impacting all of us', go ahead and point it out.

Unless youre pushing 1M/year, this is not going to largely impact you. An extra 1-2% on the marginal tax rate for your 400,001-700,000 is not going to destroy or significantly impact your earning potential.
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Reread my post big guy...I honestly do not care about this 401k thing, but there will be an increase in taxes that will hurt me (most everyone in this forum) coming soon, or as I originally stated "in due time."

I wouldn't care about paying a little more if it weren't for all the waste.
 
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SommeRiver said:
Reread my post big guy...I honestly do not care about this 401k thing, but there will be an increase in taxes that will hurt me (most everyone in this forum) coming soon, or as I originally stated "in due time."

I wouldn't care about paying a little more if it weren't for all the waste.
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reread my post big guy, the increase in taxes are not going to largely hurt you; any budget bill has to clear the senate, which is a tall order.
Also, how do you know already it is going to go to waste? its been 4 days since hes been in. I'm sure all the taxes i paid that went into wall building, corporate bailouts, and golf trip protection services were all put to good use, right? :rolleyes:
 
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GandalfTheWhite said:
reread my post big guy, the increase in taxes are not going to largely hurt you; any budget bill has to clear the senate, which is a tall order.
Also, how do you know already it is going to go to waste? its been 4 days since hes been in. I'm sure all the taxes i paid that went into wall building, corporate bailouts, and golf trip protection services were all put to good use, right? :rolleyes:
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1. I'm not a Trump fan, so wherever you're going with the wall BS I'm not going to follow you there...Govt spending is extremely wasteful, doesn't matter R or D.

2. You do not retain the right to decide what does or does not hurt my finances.

3. Our taxes will be increasing as our current revenues do not keep pace with spending, and for that reason I have no doubt ill be taxed at a higher rate in the near future.

4. I hope you find it within yourself to get over my original post about garbage men and physicists. I know you're hurting but it WILL get better. Give it time man...
 
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i dont know why there continues to be arguing about more govt from the left.....it's not like our country was built on anything about it

fyi i have a customs and border patrol patient who worked the wall in Texas and she said it gave them plenty of time to stop or catch the free flow of illegal immigrants. They would usually catch them in the process of trying to get over or at the top of the wall, and turned them back vs futilely chasing 20-30 really fast runners.
 
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SommeRiver said:
1. I'm not a Trump fan, so wherever you're going with the wall BS I'm not going to follow you there...Govt spending is extremely wasteful, doesn't matter R or D.

2. You do not retain the right to decide what does or does not hurt my finances.

3. Our taxes will be increasing as our current revenues do not keep pace with spending, and for that reason I have no doubt ill be taxed at a higher rate in the near future.

4. I hope you find it within yourself to get over my original post about garbage men and physicists. I know you're hurting but it WILL get better. Give it time man...
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Sigh. OK Boomer.
 
Yeah this is going to be sad
 

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callmeanesthesia said:
Your source appears to be Newsmax... not reliable.

Personal income tax just a small piece of the puzzle but according to Forbes here’s how the personal income tax would shake out for you ballers. Hardly an earth-shattering difference.
View attachment 328209
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This is going to have massive implications for Baller's and 1/2 Baller's alike...
 
clubdeac said:
Yeah this is going to be sad
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Waaa?! Capital gains of 43% and sayonara to retirement savings. The stock market would plummet.

The remaining stuff would obviously hurt economic recovery/growth in the long run. In the short run would penalize ballers and half-ballers.

This is a political statement at this point. Scary statement for sure, but not a realistic threat.
 
GandalfTheWhite said:
me asking you to get your 'oversimplified' BS out of here does not make me upset. Its just me asking you to get your BS analogies out of here.
If you want to actually discuss the details of the 'changes negatively impacting all of us', go ahead and point it out.

Unless youre pushing 1M/year, this is not going to largely impact you. An extra 1-2% on the marginal tax rate for your 400,001-700,000 is not going to destroy or significantly impact your earning potential.
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You forget the estate tax. It can cost your estate a bundle.
I have a low(very) 8 figure retirement ( not uncommon for retired 69 yo owner physicians ). I don’t want you to feel sorry for me but millions are on the table.
 
im sure the govt will spend the money wisely.......Hunter needs a new board seat somewhere
 
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Doctodd said:
i dont know why there continues to be arguing about more govt from the left.....it's not like our country was built on anything about it

fyi i have a customs and border patrol patient who worked the wall in Texas and she said it gave them plenty of time to stop or catch the free flow of illegal immigrants. They would usually catch them in the process of trying to get over or at the top of the wall, and turned them back vs futilely chasing 20-30 really fast runners.
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Sounds made up
 
nobody likes higher taxes. but sometimes you have to be a grown-up.

trump's plan put us in a huge hole b/c he was depending on revenues from future growth which never materialized.

now, if you want to start talking about cutting spending programs (hello, DOD), then we can talk. its not the food stamps and welfare that are the problem
 
SommeRiver said:
The garbage man and the nuclear physicist should make the same bc it isn't fair.
Click to expand...
Bad example, LOL

New York City Department of Sanitation Garbage Collector Salaries

Average salaries for New York City Department of Sanitation Garbage Collector: $45,108. New York City Department of Sanitation salary trends based on salaries posted anonymously by New York City Department of Sanitation employees.
www.glassdoor.com www.glassdoor.com

money.cnn.com

The $100,000 job: Garbage workers

Wages for trash workers have grown faster than the national average and , for some, their earning ais
money.cnn.com

I think the way to prepare is to mostly cash out of the market. Raising taxes will likely be one component that hurts this market. Remain on the sidelines until the next major downturn.

Consider starting some type of trade business. The demand for blue-collar work will continue to rise. Electrical, plumbing, carpentry, general contracting, HVAC, CDL, etc. will continue to be in high demand. As more and more people gravitate away from these fields, the demand will continue to increase. Once your business is started, success should follow. Just charge less, be honest, work hard, do good work, and be kind. Guaranteed to soar.
 
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I’m trying to find more information about the caregiver catch-up. Does that mean stay at home spouses can contribute to 401ks?
 
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The thought small investors like most of us "cashing out of market" because of possible tax changes is silly. The market is a long term play
and if you are not close to retiring, the associated costs of any "cash out" would far outweigh expected future gains.
 
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Nodolor said:
The thought small investors like most of us "cashing out of market" because of possible tax changes is silly. The market is a long term play
and if you are not close to retiring, the associated costs of any "cash out" would far outweigh expected future gains.
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I'm not sure about this one. I guess we'll have to wait and see what happens.

I've mostly been on the sidelines for the past few years and then jumped in in March. I've sold most of my positions and am working on getting out of what's remaining. I trade options when I'm up so I like for my covered calls to be assigned. Some have not so that's why I'm still in, selling weekly contracts in the interim. I believe I more than doubled my money since March. Using the rule of 72 with a 10% return, it would have taken me over 7.2 years to capture those gains. So, I beat that. If my prediction is correct, which it may not be, I'll be able to jump in again before I hit that 7.2-year mark meaning that I'll probably average greater than a 10% return in the long haul. 10% returns seems to be the goal of most investors.

I'm not always cash-heavy since I have other investment vehicles, mainly being real estate, so my $ doesn't just sit in a saving's account collecting 0.5%
 
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so·cial·ism /ˈsōSHəˌlizəm/

noun
noun: socialism
  1. a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
  2. policy or practice based on the political and economic theory of socialism.
  3. (in Marxist theory) a transitional social state between the overthrow of capitalism and the realization of Communism.
 
My advice is not to take advice from other pain physicians...
 
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10KHertz said:
My advice is not to take advice from other pain physicians...
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Yes, brilliant insight. Why would high income/high net worth individuals seek advice from other high income/high net worth individuals? It's beyond me, especially when many of us have started our own practices as well as other businesses.

Maybe I'll ask the paperboy for advice. Better yet, how about I ask a financial advisor who probably on average brings in less than 20% of what we bring in on here. They also have the cohones to charge you for not really doing any better than random or beating the market.

www.wired.com

Why Investing at Random Is as Effective as Hiring a Financial Adviser

Anecdotes about animals beating the stock market with darts or a toy mouse suggests random investment "strategies" aren't so random after all.
www.wired.com www.wired.com

 
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Pain Applicant1 said:
Yes, brilliant insight. Why would high income/high net worth individuals seek advice from other high income/high net worth individuals? It's beyond me, especially when many of us have started our own practices as well as other businesses.

Maybe I'll ask the paperboy for advice. Better yet, how about I ask a financial advisor who probably on average brings in less than 20% of what we bring in on here. They also have the cohones to charge you for not really doing any better than random or beating the market.

www.wired.com

Why Investing at Random Is as Effective as Hiring a Financial Adviser

Anecdotes about animals beating the stock market with darts or a toy mouse suggests random investment "strategies" aren't so random after all.
www.wired.com www.wired.com

Click to expand...
Everybody is at totally different stages of their financial careers. Blanket recommendations don’t work. For instance , I sold 300k in stocks prior to 1/1/2021 for multiple reasons, but mainly the 21% rate. I would recommend that for most , let your money grow over the next 10 years. My “playtime” stocks needed rebalancing ....
 
Funny how Biden states $400K is the cutoff for his tax plan and the president makes exactly $400K...
 
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POTUS = 0.4 baller
 
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Ferrismonk said:
Funny how Biden states $400K is the cutoff for his tax plan and the president makes exactly $400K...
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Yes I am really sure that was what his main concern was, since his net worth is about $10 million
 
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