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I mean, why should I put myself through Engineering School, Medical School, a top University, Law School or a Doctorate Program if I know that I will be annihilated by insanely high tax rates if I make a higher-income?
* FINANCIALLY Successful (for the overly-philosophical nuts out there).
Well, for one, I would hope to be serviced by a doctor who actually cares about helping people, not how much is going into his wallet (though I am aware of students who go to med school for the money...they usually don't make it). Greed is not going to bring you happiness because something in your life will be short-changed in the end.
Consider your alternatives. Will they give you anywhere near the financial ability that these professions can offer?
As well, what about your own pride and work ethic? Isn't there some satisfaction to be gained in striving to do what you can do to the best of your ability, even if the marginal difference in net income isn't as large as you'd like it to be?
Medical school applications are at an all time high. Your premise is a fail.
That doesnt say anything other than there is a larger population than ever before and more elderly needing care than ever before.
However, as those old folk see their pensions decimated by QE, and ZIRP, it doesnt mean they'll be able to pay their docs the kind of wages the docs have been led to believe they will get.
I mean, why should I put myself through Engineering School, Medical School, a top University, Law School or a Doctorate Program if I know that I will be annihilated by insanely high tax rates if I make a higher-income?
* FINANCIALLY Successful (for the overly-philosophical nuts out there).
Unfortunately, it has come to that.
Work hard to be successful - be rewarded with high taxes
Save for retirement - lose social security benefits (trust me, this one is coming)
Even your kids get punished in that they cannot get financial aid to go to college so they get to start out with debt.
By the time you pay the extra taxes, save the extra you'll need to to make up for what you won't get in social security and medicare and save enough to put your kids through college because they will not qualify for help, I'm not sure it is worth it especially so if you have to go into debt to get the education.
It's the John Gault question rephrased: At what point do taxes become so exorbitant that it dissuades and 'disincents' those capable from pursuing education in skills and professions BENEFICIAL to society?
This is inherently a philosophical question due to how one defines success. Since you've asked specifically 'Financial Success' in regard to these skills (Engineering: to build, invent, problem solve in physical environment or Medical healthcare fields; healing, curing, helping, treating etc..) I would say yes. Still worthwhile as the world needs more contributing members to the community.
Notice, I distinguished as "beneficial to society". If you asked if pursuing Financial Success via financial trading algorithms and digital trading (currencies, and other conjured up financial vehicles with which to accrue personal financial wealth) - or other forms of legalized casino fraud as the Wall St / Politically connected, a la, Jon Corzine. I'd say no, as certain skills / activities do not benefit society rather serve to take from productive arenas and syphon the financial wealth. And we already have too many of those leeches.
Tax policy comment: the tax policy should be in conjunction with Thomas Hobbes philosophy which was to Tax what people TAKE from society and do not tax what people CONTRIBUTE to society. Thus, an engineer and doctor are net contributors while, say, the stock / bond / currency trader, high paid political lobbyist / industry insider, business insider (stock options for short term gains) and whatever other new casino games the financial alchemists want to dream up to trade in should be taxed heavily as they are net takers - i.e. they provide less real tangible value from their activities.
If financial success is your only or top 'measure of success' then you may not find certain engineering / medical fields that rewarding long term.
I'm just now starting to comprehend how many dumb people there are in this country. Stop ingesting right wing BS all day and you will be better for it.
If you think that living in a subsidized housing project living off food stamps is better than making 100K a year and paying 28% in Federal taxes, you're a hopeless moron.
since we have a 50% drop out rate-- assuming u could easily make it thru any of the list that u provided is a big assumption. as to making it, yes its worth it. the last 5 years of retirement made up for the first 59 of my life. the problem with y generation-- most of them seriously think they are engineer and doctor material therefore they shun the trades-- some of which are still looking for good employees.
The U.S. is currently facing a severe shortage of doctors.
The Association of American Medical Colleges predicts that by 2020, the shortage will amount to more than 90,000 doctors, including 45,000 patient care physicians. Why such a shortfall? The baby boom generation is getting older and will require more medical care in the coming years. The newly enacted Patient Protection and Affordable Care Act will soon require most people to obtain health insurance, leading millions more to seek care. Finally, a third of all doctors plan to retire this decade.
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