Sure it can.  $100,000 after taxes. But the proposal is to double labor costs, and you can't double product prices at the same time.

Retailers don't have to go broke in order to close shop.  They just need to have net profits sink to a level that makes continuing operations for a largely reduced income is not worth the effort.

While they might have payroll of only 120 hours a week, the owners likely work 120 hours or more just between the two of them.   So lets give them credit for 400 hours a month together, 4800 hours a year.

Lets say there is some increase in revenue realized from higher prices, and their net after-tax income only shrinks to $75,000.

Last year they worked 4800 hours and made $100,000, an effective "wage" rate of $20.88 an hour for the OWNERS.

Drop their after tax income to $75,000, and their effective "wage" rate drops to $15.50 an hour.

They can close up, and take a minimum wage job somewhere with no capital risk and make more money.

Bye bye free enterprise.