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Taxes:
Personal income tax is the amount you declare on your tax declaration every year.
Few people declare 250k or higher since this is after all kinds of deductions such as dependable children and mortgage interest costs etc.
In America most business are either a C corp or S corp.
If you run a C corp, the corp itself is taxed directly and any dividend you take out is personal income and taxed again.
If you run a S corp, all the profit/loss is carried directly into your personal income as taxable personal income.
In other words, there is probably no business going out of business due to taxes, simply as business only pay taxes of profit, not loss.
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