good point.
I do think that you still win out with the S corporation and reasonable salary, but it certainly makes the calculation more complicated. And you have to be more aggressive on your salary.
If you make $100k, you'd pay $15k in SE Taxes as a Sole Prop
If you run it through an S Corp and pay a reasonable salary of $40k, you'll pay $6,120. But, you reduce Your QBI by $40k. That's a loss of a $8,000 deduction. So, even if you were in the 37% tax bracket, that would cost you another $2,960 in taxes. So, the S corp in this case would save you $6,040 ($15k - $6K - $2960).
If you run it through an S Corp and pay a reasonable salary of $60k, you'll pay $9,180. But, you reduce Your QBI by $60k. That's a loss of a $12,000 deduction. So, even if you were in the 37% tax bracket, that would cost you another $4,440 in taxes. So, the S corp in this case would only save you $1,560($15k - $9K - $4,440).
May not be worth the hassle at that point.