Some of America’s best paying jobs can expect to see higher taxes under the new Republican tax plan.
According to analysis from the Tax Policy Center, most income groups should find reduced taxes on average. In 2018, 80% of taxpayers should receive a tax cut, averaging about $2,100, the analysis found. However, the tax cuts as a percentage of after-tax income would benefit the higher-income groups the most. What’s more, about 5% of taxpayers should expect to see their taxes increase by about $2,800 in 2018. That percentage of taxpayers with an increase is expected to rise to 9% in 2025 and 53% in 2027 compared with the current law, the analysis found.
To get a picture of what American taxpayers might see next year, David Luther, the content marketing editor at career insights website Zippia, crunched data for more than 800 professions to come up with some estimates.
For this undertaking, Luther used New Jersey exemptions as a baseline because it’s a population-dense state that has fairly high state taxes. He also made the assumption that the individual is unmarried and childless and a homeowner with a house valued at three-times the median wage for the occupation.
Yahoo Finance highlighted the 20 best-paying jobs in America according to the Bureau of Labor Statistics. Some of them will see their taxes go up under the proposed plan.
1. Anesthesiologists
Annual mean wage: $269,600
Current tax: $52,972.97
New tax: $58,623
Increase: +$5,650.28
Percentage: +10.6% increase
2. Surgeons
Annual mean wage: $252,910
Current tax: $43,973.66
New tax: $46,847
Increase: +$2,873.96
Percentage: 6.5% increase
3. Obstetricians and Gynecologists
Annual mean wage: $234,310
Current tax: $44,288.88
New tax: $47,309.29
Increase: +$3,020.40
Percentage: 6.8% increase
4. Oral and maxillofacial surgeons
Annual mean wage: $232,870
Current tax: $43,973.66
New tax: $46,847.62
Increase: +$2,873.96
Percentage: 6.5% increase
5. Orthodontists
Annual mean wage: $228,780
Current tax: $43,078.34
New tax: $45,549,49
Increase: + $2,471.15
Percentage: +5.7% increase
6. Physicians and surgeons, all other
Annual mean wage: $205,560
Current tax: $37,995.39
New tax: $38,743.24
Increase: +$747.85
Percentage: 1.9% increase
7. Internists, general
Annual mean wage: $201,840
Current tax: $37,181.06
New tax: $37,652.84
Increase: +$471.77
Percentage: 1.3% increase
8. Family and general practitioners
Annual mean wage: $200,810
Current tax: $36,955.59
New tax: $37,350.92
Increase: +$395.33
Percentage: 1% increase
9. Psychiatrists
Annual mean wage: $200,220
Current tax: $36,826.44
New tax: $37,177.99
Increase: +$351.54
Percentage: 0.9% increase
10. Chief executives
Annual mean wage: $194,350
Current tax: $35,541.48
New tax: $35,457.37
Cut: $84.10
Percentage: 0.1% decrease
11. Pediatricians, general
Annual mean wage: $184,240
Current tax: $33,328.36
New tax: $32,493.93
Cut: $834.43
Percentage: 2.5% decrease
12. Dentists, general
Annual mean wage: $173,860
Current tax: $31,056.13
New tax: $30,110.88
Cut: $945.25
Percentage: 3% decrease
13. Dentists, all other specialists
Annual mean wage: $171,900
Current tax: $30,627.08
New tax: $29,697.99
Cut: $947.09
Percentage: 3% decrease
15. Prosthodontists
Annual mean wage: $168,140
Current tax: $29,804
New tax: $28,853.40
Cut: $950.60
Percentage: 3.18% decrease
16. Nurse anesthetists
Annual mean wage: $164,030
Current tax: $28,904.31
New tax: $27,949.85
Cut: $954.45
Percentage: 3.3% decrease
17. Airline pilots, copilots, and flight engineers
Annual mean wage: $152,770
Current tax: $26,439.45
New tax: $25,474.46
Cut: $964.99
Percentage: 3.6% decrease
18. Petroleum Engineers
Annual mean wage: $147,030
Current tax: $25,173.54
New tax: $24,212.57
Cut: $960.97
Percentage: 3.8% decrease
19. Computer and information systems managers
Annual mean wage: $145,740
Current tax: $24,888.11
New tax: $23,928.98
Cut: $959.13
Percentage: 3.8% cut
20. Marketing mangers
Annual mean wage: $144,140
Current tax: $24,534.07
New tax: $23,577.23
Cut: $956.84
Percentage: 3.8% decrease
Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.
