this effect is overstated. if you're in llc or partnerships, business profits pass through to shareholders for self-employment tax -- which includes SS and Medicare. s-corp owner-employees are required to pay "reasonable compensation" before distributions can be made. and then, to get dividend at the discounted LTCG it has to be qualified dividend. special dividends and other distributions from a businesses like a real estate syndicate isnt going to count.
the social security contribution is capped to a modest $170k base, anyway. and medicare is a few measly percentage points off of income.
sure there's going to be some tax advantages to running a business. on the other hand, putting in capital and running a business is a risky venture in itself, and you'll need to employ and pay for employees (=tax contribution) if the business is going to generate something productive. if you can earn $1M annually from a mature, well capitalized company, its not exactly a slam dunk to go off on your own.