Phil Mickelson Faces 61 Percent Tax Rate Following Back-To-Back Wins

CBS Los Angeles ^ | July 24, 2013

[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.

[EEGator]

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”.

[SixIron]

Conservative guy. I believe he will move to AZ, where he went to college.

[barefoot_hiker]

Someone this wealthy, establish your primary residence in a no income tax state, then own vacation homes wherever you want.

[deadrock]

He is daft. To avoid outrages taxation, Derek Jeter resides in Florida but plays for NYY.

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.

[Hot Tabasco]

he is probably a tea-party conservative patriot.

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

[Baynative]

Phil Mickelson is a conservative and devoted family man. He moved back to San Diego where he was born and raised to keep his children close to their grandparents. His family is very close and his mother and wife both went through dealing with breast cancer at the same time. Moving away would be a major change in his life and that of those around him.

Associating his life choices with his "civics acumen" is unjustified.

[NonValueAdded]

My bet is he lands in Jupiter, Florida.

[jmaroneps37]

He had better not complain or he’ll get a visit from the IRS

[forgotten man]

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.

[CAluvdubya]

No matter how much he likes CA, the tax climate there is going to force high income earners out of the state.

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!

[CAluvdubya]

Thank you! This household loves Phil! He really is a great family man.

Also, he sponsors one of the shopping sprees at Target stores for kids who need school clothing/supplies.

[Hot Tabasco]

True, he keeps his politics to himself but he certainly doesn't go out of his way to support the conservative cause if he is indeed a conservative.........

"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."

[napscoordinator]

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.

[FlJoePa]

Ernie lives in Jupiter (Bears Club) now. Trevor and Justin Rose still live in Nona though.

[RedMDer]

Defeat Tyranny!
Start Here!

[FrdmLvr]

All I know is he golfed with 0bamao. My opinion of him dropped after that.

[fuente]

Indeedy! Companies have moved out. It is the next Detroit.

[deport]

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.

Read more: http://www.golf.com/tour-and-news/phil-mickelson-will-lose-nearly-100000-new-taxes-his-phoenix-open-winnings#ixzz2a6Gb8Y9r

[E. Pluribus Unum]

Plank #2 of the Communist Manifesto is a heavily-graduated income tax.

The Ten Planks of Karl Marx's Communist Manifesto
(and How Statists Implement Them)

1. Abolition of private property rights (via high property taxes, restrictive zoning laws, "fair housing" edicts, environmental and "wetlands" regulations, UN Agenda 21, etc.)

2. Institution of a heavily graduated income tax (by calling it "taxing the rich")

3. Abolition of all rights of inheritance (through a confiscatory estate tax on "the rich")

4. Confiscation of the property of enemies of the state (through lawless application of asset forfeiture and eminent domain)

5. Centralization of credit into the hands of the state (Federal Reserve, Federal Trade Commission, TARP, Fannie Mae, Freddie Mac, federal takeover of student loans, etc.)

6. Centralization of the means of communication and transportation into the hands of the state (FCC, DOT, FEMA, NTSB, FAA, etc.).

7. Consolidation and subjugation of all major industries to central government control (FDA, EPA, OSHA, ICC, HUD, NLRB, EEOC, DOE, TSA etc.)

8. Mandatory labor union membership ("card check" to bypass employee consent, automatic withholding of union dues, forced unionization of health care workers, teachers, police, firefighters, etc.)

9. Equitable redistribution of all wealth (TANF, SSI, EITC, SNAP, Community Reinvestment Act, etc.)

10. Free public education (and food, housing, health care, cell phones, Internet access, etc.)

[popdonnelly]

What’s the point of working these days? All you’re doing is paying taxes to support the people who aren’t working.