• Senate and House Republicans must agree on a final version of their competing tax plans before it can move forward.
• So far, both plans have attracted plenty of criticism.
• Career site Zippia broke down how the Senate tax plan could affect take-home pay in 2018 for people in various occupations.
• Business Insider honed in on how the plan could impact physicians.
Take-home pay is set to rise slightly under both tax plans put forward by congressional Republicans.
But most Americans shouldn’t expect to collect a ton of extra pocket money, Business Insider’s Lauren Lyons Cole reported. And, so far, the feedback from the public and experts regarding the plans has been overwhelmingly negative. According to a recent CBS poll, only 35% of Americans approve of the Tax Cuts and Jobs Act.
Business Insider’s Elena Holodny reported Americans “making around $200,000 to $500,000 would benefit less so from the proposed changes to the tax brackets and deductions.” That also happens to be the income range many physicians fall within.
Business Insider specifically looked at how medical doctors fared under the new tax plan. The estimated federal tax savings below are for a single, childless taxpayer who claims the standard deduction.
Here’s a look at how medical doctors, from pediatricians to anesthesiologists, could see their taxes change next year if the Senate’s tax plan becomes law:
Average salary: $184,240
Current tax: $41,657
Tax under the Senate plan: $36,856
Percent tax cut: 11.5%
Average salary: $200,220
Current tax: $46,131
Tax under the Senate plan: $41,970
Percent tax cut: 9.0%
Family and general practitioners
Average salary: $200,810
Current tax: $46,297
Tax under the Senate plan: $42,159
Percent tax cut: 8.9%