I have been a practicing Emergency Physician for 25 years. I would like to forewarn students and residients that it is important when job hunting to consider the tax structures for the states you may be anticipating practice in when you complete your training. For example the State of Oregon just raised the maximum state income tax to 10.5% on dollars over 125K if single and 250K if married. The base rate is about 9%. This means essentially that if you make 250K which is typical of Emergency Medicine Physicians you will pay the State of Oregon about $25,000.00. To contrast that with a state that does not tax income such as Washington, Texas, Nevada, Florida, Tennessee, New Hamphsire, Wyoming and a few others that have a sales taxes. You would have to spend your entire income and then some to equal that tax liability.
Keep that in mind when you are negotiating your pay with your new employer. Oregon and Hawaii have the highest tax rates in the USA. If congress raises top rates to 39% this year and you buy a house in one of these two states you will likley be giving state and federal governments 50 cents for each dollar you have left to spend. Think about that, you now make $250,000 per year but get to keep $125,000. Do the math before you move or take a job in Oregon or Hawaii or other similarly high taxed states.
Keep that in mind when you are negotiating your pay with your new employer. Oregon and Hawaii have the highest tax rates in the USA. If congress raises top rates to 39% this year and you buy a house in one of these two states you will likley be giving state and federal governments 50 cents for each dollar you have left to spend. Think about that, you now make $250,000 per year but get to keep $125,000. Do the math before you move or take a job in Oregon or Hawaii or other similarly high taxed states.
