I love stories like this: As a solo general surgeon in private practice, in 2004, with a gross business income before taxes of roughly $500K, I figured that the 39.6{0e3fbd49920d66d312335c9ab31e3d7b441ff7521e58af8d4d0648ba5d548198} Federal + 9.98{0e3fbd49920d66d312335c9ab31e3d7b441ff7521e58af8d4d0648ba5d548198} Iowa state top income tax rates + 6{0e3fbd49920d66d312335c9ab31e3d7b441ff7521e58af8d4d0648ba5d548198} state sales + Medicare which no longer peaked out, + property taxes, medical license fees, malpractice fees which were already at $100K for me and headed higher, and no scholarship help for the 4 out of 10 kids in college at the time, my marginal rate was somewhere north of 70{0e3fbd49920d66d312335c9ab31e3d7b441ff7521e58af8d4d0648ba5d548198}. Once I ‘retired’ from surgery and became a biology professor, making around $50K, my gross income was one tenth as much, but now one of…
Article by The Humble Libertarian. Read entire story here.
