Posted on 07/25/2013 2:30:49 PM PDT by grundle
LOS ANGELES (CBSLA.com) — Thanks to his recent wins at both The Open Championship and the Scottish Open, Phil Mickelson pocketed more than $2.16 million in just two weeks.
The world’s top golfer —who came under fire earlier this year when he complained about his supposed 60 percent tax rate as a California resident — is taking another hit on his recent earnings.
According to Forbes, Mickelson has been subjected to the United Kingdom’s 45 percent tax rate for those who make more than £150,000 a year. In addition, the magazine reports, he will be taxed on a portion of the endorsement income he earned during his time in Scotland.
While Mickelson can take a foreign tax credit to avoid being taxed again by the U.S. government, he still has to pay self-employment taxes, the new Medicare surtax, and hand over 13.3 percent of his wages to the state of California, which does not have a foreign tax credit, Forbes reported.
(Excerpt) Read more at losangeles.cbslocal.com ...
He should move to Wyoming or any other state that does not impose an income tax.
I have not heard his political leanings one way or the other, but based on the tax treatment, the IRS would certainly know when I don’t, he is probably a tea-party conservative patriot.
financial rape
One word, “Monaco.”
There is no freakin’ way I would live in Kalifornia another minute and I would publicize why I was moving as well.
We have just as many golf courses here in Texas. Come on over Phil.
The income tax is due where it was earned. The IRS and state revenue departments keep track of professional athletes and ensures that they pay "their fair share".
Wyoming is not hospitable to year round golf, but Florida is, and most professional golfers live in Florida, which has no income tax.
Obama would tell him, “You didn’t win that.”
and if he passes through NYC on his way home he will be charged a city income tax for whatever reason they can come up with
Yeah :)
Phil, come on down to FL. Ernie Els lives just down the street and I just had lunch at Graeme McDowell’s place Nona Blue.
He likes warmth And beaches and palm trees? Florida or Texas, Phil. At least for the state tariff.
So, by the time he’s finished being raped by greedy, corrupt spendthrift governments, he’ll have enough to buy himself a lunch at McDonalds.
Wow....that’s $280G he has to give to Kalifornia....unbelievable...
I'll bet this has crossed his mind a bazillion times and my guess is that he will move in less than a year. No matter how much he likes CA, the tax climate there is going to force high income earners out of the state.
Phil lives in Mexifornia.. THEN he deserves all he gets..
Even a child can deduce when it’s time to move...
Could be hes a democrat which makes it even FUNNY..
Maybe Phil has the civics acumen of a worm...
meaning he drives balls but has none of his own..
He’s crazy not to be in FL or TX.
After paying all that he might have a few bucks left for a burger.
Phil was an early investor in Five Guys, so he gets them for free.
He was born in CA. It’s possible that he wants to move, but the family doesn’t. His wife and children may be happy where they are. CA is a beautiful state. It has been ruined by illegals and liberals. Some people just hate to leave “home”.
Conservative guy. I believe he will move to AZ, where he went to college.
Someone this wealthy, establish your primary residence in a no income tax state, then own vacation homes wherever you want.
Phil should build a shack in any of the no income tax states, but still live Cali. Isn`t that what Orca does? I mean, Oprah.
Not likely, a Tea Party member wouldn't have backed down on his previous statement on taxes. And a Tea Party member with his financial resources would be moving to another state.
Since I could find no evidence of his campaign contributions, I suspect Mickelson is a flaming libtard in order to maintain his california based endorsements............But I could be wrong
Associating his life choices with his "civics acumen" is unjustified.
My bet is he lands in Jupiter, Florida.
He had better not complain or he’ll get a visit from the IRS
Mickelson is the only highly successful California born athlete I can think of who has not bailed out of the Golden State. Tiger Woods, John Lynch, John Elway all said adios. Mickelson obviously loves his wife and kids and does not want to uproot them.
Hey, it's driving us little worker bees out, for sure :)
We are out in three years...already sold our home and looking buy near Reno. Just looking at the difference in property taxes alone is startling!
Also, he sponsors one of the shopping sprees at Target stores for kids who need school clothing/supplies.
"Finances and taxes are a personal matter, and I should not have made my opinions on them public," Mr. Mickelson said in a statement. "I apologize to those I have upset or insulted, and assure you I intend to not let it happen again."
2 million in two weeks is pretty dang good. He will have a bunch of business write offs to lower the tax amount to closer to 15 percent. I would not be worried about Michelson at all.
Ernie lives in Jupiter (Bears Club) now. Trevor and Justin Rose still live in Nona though.
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All I know is he golfed with 0bamao. My opinion of him dropped after that.
Indeedy! Companies have moved out. It is the next Detroit.
This has been in the media early following his win in Scottdale AZ in Feb 2013.
In that event he won over $1.1 million and he netted just about $410,000.
From the following article:
Mickelson has been a vocal supporter of California. He appeared in a 2009 television spot
with, among others, then-governor Arnold Schwarzenegger, to promote living in the state.
“I love it here,” Mickelson said at the Farmers Insurance Open, two weeks ago. “I grew
up in San Diego. And even though I went to college in Arizona, I dreamed of moving
back here because it’s beautiful. My family’s here. Amy’s family is here. Our kids’
grandparents are here.
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What’s the point of working these days? All you’re doing is paying taxes to support the people who aren’t working.
He’s insane to stay in Kalifornia.
He is a devoted family man by all accounts, and I'm sure close proximity to his parents/in-laws was a great comfort to him, especially during the illnesses of his wife and mother.
His lifetime winnings are over $60M, and his earnings from endorsements dwarf that number. He's certainly paid dearly to live in California, and he's not an idiot... so he must view the price of living where he wants as worth it.
Having watched him for many years, I get the impression that he is a man of faith. He's certainly an outstanding ambassador for the game.
Plus, a golf ball rolls forever on that hard dry ground!
Associating his life choices with his “civics acumen” is unjustified.
All choices are political.. some are cowards.. traitors and/or collaborators(Vichy)..
30 years ago in Mexifornia you’d be correct.. today NOT..
ALL the decent folks in Calif. have already left..
A few RINOs do remain.. deserve what they get..
I've worked several tournaments where he's played and seen him stand there signing autographs 'til every kid (and dad) is happy. He's huge into charity work and gives selflessly without fanfare. When he heard of x-NFL star Conrad Dobler suffering a debilitating illness that was eating him up financially, Phil put his daughter through college. He wanted to do it anonymously, but it got leaked and he was embarrassed because he didn't want to make it known the family was in need.
I know this is a political board, but this is a good and decent person. The fact that he's kept his politics personal (and none of us know what they are) is irrelevant.
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