On behalf of my children (your future SS funders), I'd like to extend my gratitude to the masses in the five digit tax club. And for you, Mr. Six Digit Taxes, I'd like to mail you a hand scribbled (in premium Crayon!) thank you note.
I'll be waiting!
As much as it does suck, it makes it much less painful when reading how much taxes the above posters are paying once you get to that totally FI phase.
I think it is just hard has a business owner because you get taxed so high compared to the amount we pay ourselves. For example, our company made around 1 ml in net profits this year, we pay ~500k in taxes, another ~300k or so in extra inventory purchases/capital expenses to help grow the business for future years and you're not left with a ton left. Yes I understand my basis in the business goes up, but still.
This country is mostly comprised of small businesses and we get the shaft. It just doesn't make sense to me why a small business, who is creating jobs and creating products that help its customers, gets taxed the same as ordinary individuals. You'd think there would be some sort of incentive.
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