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my dad runs his own business...and LLC with a respectable amount of income. and the rate isn't anywhere close to 60%...it's filled like an S-Corp, and so income is simply all run through his personal tax return.
In fact, as has been mentioned, the indiv. tax rate doesn't go that high. So it isn't 60% of *your* income, that's for sure. 60% of the business's? Maybe...but i still have my doubts.
A few specifics, if you don't mind, would clarify the situation greatly.
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