Tax bill

[firewicket]

Anyone notice that the tax bill excludes the 20% deferment for physician owned pass through entities...

Does anyone know the reasons for this?

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[medgator]

Our lobbyists weren't good enough?

 

[DoctwoB]

Our lobbyists weren't good enough?

It’s a fact. There was a time when due to campaign contribution limits, politicians, republicans especially, geared things towards the upper middle class along with the very wealthy because we financed them. Now that the vast majority of their money post citizens United comes from corporations and the Uber rich, they’ve adjusted accordingly.

 

[OTN]

It's not just for physicians, it's for all professionals/professional groups who make more than $250k/year, meaning lawyers, etc, get caught up in it as well. My personal opinion is that including all us service professionals would have significantly decreased revenue for the government...and, as mentioned previously, the power we lowly service professionals- be it lawyers, doctors, whomever, pales in comparison to Wal-Mart.

 

[medgator]

, pales in comparison to Wal-Mart.

And hedge funds....carried interest loophole untouched

 

[Haybrant]

And hedge funds....carried interest loophole untouched

carried interest is amazing. the financially smart dont take big salaries like physicians and lawyers do, they take massive bonus's for this exact thing

 

[medgator]

carried interest is amazing. the financially smart dont take big salaries like physicians and lawyers do, they take massive bonus's for this exact thing

The privileged hedge fund managers get their bonuses taxed that way.

Us merely well-off (without connections inside the D.C.beltway) get taxed at ordinary income tax rates even on our bonuses.

 

[PruritisAni]

Why would anyone expect a group of people (physicians) who overwhelmingly vote democrat to benefit from the pass-through? Not implying anything right or wrong, but this should not be surprising.

 

[The Physician Philosopher]

Yeah but the changes to the AMT will overwhelmingly change physician pay for the better for all W-2 employees. I've written a post on the AMT changes, because I found them interesting. Alternative Minimum Tax (AMT): Will it impact me? - The Physician Philosopher

And the idea that most physicians vote Democrat is interesting to me. I am at indpedent myself, but wonder what truth there is to that idea.

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[scootad.]

Depends on what state you live in. In states with high income taxes (CA, NY, NJ, CT, MA, IL, etc) the new AMT rules are irrelevant because you have to pay the higher rate anyway (you can’t deduct more than 10k of SALT).

 

[medgator]

Why would anyone expect a group of people (physicians) who overwhelmingly vote democrat to benefit from the pass-through? .

I doubt most trump voters were thrilled with the final product (including leaving the "swamp" carried interest untouched, as well as sunsetting the individual tax cuts after 8 years).

That being said, I don't think most physicians vote Democrat. If anything, a few decades ago, physicians were overwhelmingly Republican, although the gop itself has morphed into something different lately.

Political affiliation looks to be specialty specific now

Medscape: Medscape Access

The New York Times: Digital and Home Delivery Subscriptions

 

[Fpg1245]

I always thought it was roughly split between GOP and Dem broadly speaking. It might be regional as well with doctors voting in a similar manner to their patients. Also, I could see poorly paid specialties voting one way and well paid one voting another but not sure if there’s any evidence for that. Overall I don’t think we are a very consistent or even relevant voting block overall.

 

[medgator]

Also, I could see poorly paid specialties voting one way and well paid one voting another but not sure if there’s any evidence for that.

There is, in fact. Check the links above.

Although I can't blame pediatricians for voting against the party that won't fund the CHIP program until forced to

 

[thecarbonionangle]

absolutely sickening legislation from a party which has completely stopped pretending to even care about anything but their donors. The visuals of the expiration of the CHIP program, the comments from Hatch and Grassley about the people who "wont help themselves" and just want to spend it all on "booze", all to pass this legislation at a time when most economists agree its the wrong solution. This whole year has been an absolute nightmare for anyone with common sense and decency left. I am disgusted by the combination of hypocrisy, self-righteousness, sociopathy, low-life, vileness, creepiness that is Trump, Pence, Ryan, McConnell. It is no surprise that most baby boomers are GOPers; this is one of the most selfish generations and they are ruining our specialty and our country. 2018 cannot come soon enough, along with the retirement of this money-grubbing generation.