I am a major share holder in a “S” corporation. I started if in 1972 and have never had a yearly loss. I always took the “profits” and left them in the company (after taxes were paid on the earnings) and now myself and my three partners have decided to take “distributions”. Tax already paid.....
We are moving to a very low pay scale and instead of paying rather high taxes on our normal payroll we will take just enough pay out to pay for medical, SSI. and other state and local “Overhead” and ride “o’s” train out of the station till it stops. While the profits replenish for our “families families will be replenished over the next generation.
I am the youngest of eight, military.’66-68. Still suffering from the after effects of the “F’n” jungles.
Paid my dues.......