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› Mickelson may leave California over taxes
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Mickelson may leave California over taxes (Read 676 times)
Jan 21
st
, 2013 at 1:36pm
Webb
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Colonel
Go 'Noles!
Morningwood Golf Resort
Posts: 1068
Teed off: Golf star Phil Mickelson may bolt California over taxes
Quote:
For golf legend Phil Mickelson, the low 60s makes for a great score on the links — and a lousy tax rate in his home state of California.
Mickelson said “drastic changes” are ahead for him due to federal and California state tax increases that have pushed his tax rate to what he figures adds up to “62, 63 percent.” The left-hander will talk more about his plans — possibly moving out of California or even retiring altogether — before his hometown Farmers Insurance Open, the San Diego-area event that begins Thursday at Torrey Pines.
"It's been an interesting off-season," Mickelson, 42, said Sunday after the final round of the Humana Challenge. "And I'm going to have to make some drastic changes. I'm not going to jump the gun and do it right away, but I will be making some drastic changes."
Mickelson, who lives in Rancho Santa Fe, is unsure exactly what he’ll do, but changes will come, he said. If he bolts California, the San Diego native could be the Golden State's answer to actor Gerard Depardieu, who renounced his French citizenship and moved to Russia after the French government tried to jack up taxes on the rich.
“There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn't work for me right now,” he said. “So I'm going to have to make some changes."
California voters in November approved Proposition 30, which, in addition to raising the state sales tax, carries a menu of new tax brackets that hit millionaires like Mickelson hard. For income exceeding $1 million, the state rate jumped to 13.3 percent from 10.3 percent. For Mickelson, who earned roughly $60 million in 2012, that would be a tax increase of more than $1.8 million.
"If you add up all the federal and you look at the disability and the unemployment and the Social Security and the state, my tax rate's 62, 63 percent," Mickelson said. "So I've got to make some decisions on what I'm going to do." ...
A bad day at golf is better than a good day at work.
Jim
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Reply #1 -
Jan 21
st
, 2013 at 7:31pm
garryrussell
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Colonel
Hello!
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Posts: 677
So what
He's a millionaire so still has plenty left
He should think himself lucky for earning so much on something like sport which isn't a useful skill for society.
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Reply #2 -
Jan 22
nd
, 2013 at 9:49am
Webb
Offline
Colonel
Go 'Noles!
Morningwood Golf Resort
Posts: 1068
Today:
Quote:
I absolutely love what I do. I love and appreciate the game of golf and the people who surround it. I’m as motivated as I’ve ever been to work on my game, to compete and to win championships.
Right now, I’m like many Americans who are trying to understand the new tax laws. I’ve been learning a lot over the last few months and talking with people who are trying to help me make intelligent and informed decisions. I certainly don’t have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family
Finances and taxes are a personal matter and I should not have made my opinions on them public. I apologize to those I have upset or insulted and assure you I intend to not let it happen again.
I'll bet he moves to Florida before the year is out.
A bad day at golf is better than a good day at work.
Jim
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Reply #3 -
Jan 22
nd
, 2013 at 7:39pm
Steve M
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Cambridge On.
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Posts: 4097
It's just a thought but I always had the impression that there were other states cheaper than Florida taxwise. And I am still trying to figure out why this 'tax the rich' by a federal government has anything to do with a state.
If I seem like I don't understand it's because I listen to too much news radio in Ontario and they seem to revert to federal initiatives and ignore the rest of the plot.
Flying with twins is a lot of fun..
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Reply #4 -
Jan 22
nd
, 2013 at 8:48pm
Webb
Offline
Colonel
Go 'Noles!
Morningwood Golf Resort
Posts: 1068
Florida has no personal income tax.
The statewide sales tax rate is 6% but counties can add surtaxes. In Orlando you might pay as much as 10% on a hotel room.
Counties levy property taxes. Last year Tiger Woods paid $77,000 in property tax on his $3.7 million home.
California was broke and raised all of its taxes last year.
This article
seems to have been written before the increases.
Quote:
California has been ranked as the third worst state for taxes by the Tax Foundation, a non-partisan tax research group in Washington, D.C. California has the highest state level sales tax rate in the nation at 8.25% and has some of the highest income tax rates in the country.
California income tax rates range from 1.25% to 9.55% and are levied on California residents’ income and non-residents’ income from California sources. The highest rate begins at $46,349 of income and those with incomes over $1 million have to pay an additional 1% tax surcharge (for a total tax of 10.55%).
A bad day at golf is better than a good day at work.
Jim
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