"By the way, if I make a million dollars today as a business owner I have to give away about 50% of my income to the government here in California."
This is if you make a million dollars in salary or in profit. If you reinvest that money into the business, you aren't taxed to nearly the same extent, while still retaining the value. If you have a million bucks floating around, you're also in a position to invest your money outside the business and take advantage of capital gains rates: https://www.irs.gov/taxtopics/tc409.html
This is if you make a million dollars in salary or in profit. If you reinvest that money into the business, you aren't taxed to nearly the same extent, while still retaining the value. If you have a million bucks floating around, you're also in a position to invest your money outside the business and take advantage of capital gains rates: https://www.irs.gov/taxtopics/tc409.html
Obvious disclaimer: I am not a lawyer.