As long as we're talking gross income before taxes...
...you're very right. Been there, done that. Don't wanna be self-employed again. Mine was a very small business, never in the $250,000 gross range but taxes ate up every damn dime of profit. And the bad years where business was down (economic downturns), I owed the government nothing but FICA and was in the hole. The profit years should have balanced the net negative years but they didn't because that's not the way Uncle Sam does business.