I called my PA and gave him an example of a small businessman who has his own small corporation. He plugged in reasonable numbers to cover Federal Income Tax, State Income Tax, City income Tax, Corporation tax, SS tax, medicare tax. Not including property tax, sales tax
Bottom line Michelson and every small businessman pays OVER 70% in taxes. Not a typo. My CPA told me I do. If you don’t believe me call your own accountant.The jealous ones out there think giving Uncle Sam 70% of what you earn is fair but hate every penny they have to pay. Try and collect a $7.00 co-pay for a medical visit.