Sign into an existing account

these numbers are fictitious and are based off my very limited understanding of the rage inducing bullshit i had to look up on how to setup a business in NYC.

Not that this would be surprising in any way, but i ruminated on this. Let's say you have a business making 1MM in revenue (1,000,000). For convenience we will say it has zero expenses, and this is the revenue split between two partners.

The tax breakdown is 21% federal tax on revenue. Right off the bat, 210,000 is pissed away to big daddy uncle sam. I tried looking up the breakdown for NYC taxes on businesses and the rules are so all over the place, i gave up. Some say you don't pay taxes over a million, but then you do if you make 10,000 in gross receipts. But it depends on the business, and fuck you for asking. And all this varies based on a bunch of bullshit factors beyond anyone's control.

For convenience, well say 90,000 is spent on NYC taxes, which is a conservative estimate when you factor in licensing, fees, brokerage issues, etc, who knows what other random fines and permits you need. So you are now up to 300,000.

Split two ways, 700,000 is 350,000 per person. Sound like a lot, right? But wait there's more! Since the LLC needs to pay social security 12% per person On top of this, you now have to pay self employment/LLC taxes, medicare, fica, etc. So we'll say another 10% right there off the top right there. Than you have NY income taxes, and NYC income taxes, or around 15%. Then you have personal income tax which in this case will be around 35% or even more.

In all on a million revenue split two ways, assuming you took standard deductions and stuff, you're looking at keeping 20% or so of your income after all the taxes and fees are budgeted. So from 1MM, the gov entities takes around 600,000, and you graciously get to keep around 400,000 split two ways. And on top of this, every asshole socialist moron in NYC would claim you're too privileged and need to get taxed more! And for any reason, no reason, or because they hate you, NYC can destroy your business with no prior notice.

Then these fucking morons wonder why no one wants to deal with this bullshit.