After 14 years of intensive training and studying I finally can pursue my passion of being a doctor. Though I have incurred years of debt and hardship for my family to put me through college and medical school, I shall hopefully be able to pay off loans that have been accumulating interest since I began my undergrad many years ago. I am fairly concerned about my ability to pay off my debt as soon as I can, however with the reliability in the job market for specialized doctors, I am certain I can pay it off.
However, I am not sure how long it will take for me to pay my debt off. The current tax system works against me in that I must pay a higher rate of tax than my colleagues who make significantly less than me. Though I sacrificed my twenties to be able to attain the highly coveted position of a doctor, I am subject to an unfair tax bracket. Does this equalizer make up for the years I spent studying on Friday nights while my peers were out in the city? Making memories I will never be able to have for myself?
To that my answer is no. I do not regret the profession that I have picked, as I find great happiness in the ability to save someone’s life. However I do believe that the years of hard work I have put in merits the extra income I make.
Today, I have found out that there is this tax reform that is in the process of being passed that serves to correct this taxation imbalance. If this passes, I will be taxed 4% less than what I used to be taxed.
All this time, though I made more money than my peers, the debt and the higher tax bracket I was in negated those benefits. I should not have to suffer so that others have not made the same decisions of me shouldn’t.
Though I am aware of the negative impacts this tax reform could have on others, I know that the bracket system by nature is made to give a helping hand to those who do not make as much. While I agree with the idea of this tax-based assistance, I am happy that this reform will slightly restore the balance because I know that people like me are the beneficiary of the act.
I can use this extra income to pay off my student loans and focus more on enjoying the life I now have. I come back from work less stressed now that I have a more flexible budget and can choose how I want to relax, whether it be staying at home or going out to a fancy dinner to treat myself.
A lifetime of hard work merits this lifestyle, for I have sacrificed more than early financial liberation to get here.