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January 1956


AMA Arch Otolaryngol. 1956;63(1):1. doi:10.1001/archotol.1956.03830070003001

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An editorial in the April 24, 1954 issue of the Saturday Evening Post relates the story of a Philadelphia physician enjoying a large private practice who retired to accept a job in a government hospital, since he found he was unable to educate his children and at the same time save enough to provide for his eventual retirement under the existing tax laws for self-employed individuals. As an employee, he was eligible to participate in a pension plan which would provide him with a retirement income. The Post pointed out that a young doctor or lawyer, under our existing tax structure, was likely to find it impossible to put aside savings after taxes to provide for his old age. The professional man, like everyone whose income fluctuates widely over a working lifetime, is the victim of a big tax bite in the most productive years. He has a further disadvantage

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