No, this is not about Obama.
LA QUINTA, Calif. -- Phil Mickelson said he will make "drastic changes" because of federal and California state tax increases.
"I'm not sure what exactly, you know, I'm going to do yet," Mickelson
said. "I'll probably talk about it more in depth next week. I'm not
going to jump the gun, but there are going to be some. 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. So I'm going to have to make some
changes."
In November, California voters approved Proposition 30, the first
statewide tax increase since 2004. Mickelson lives in Rancho Santa Fe.
"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."
Last year, Mickelson flirted with becoming a part owner of the San
Diego Padres, the baseball team that sold for $800 million in August. He
was asked Sunday if there was a correlation between the tax increases
and what happened to the Padres' deal.
"Absolutely," Mickelson said.
http://www.huffingtonpost.com/2013/01/21/phil-mickelson-taxes-california_n_2518358.html?utm_hp_ref=sports
http://www.theblaze.com/stories/2013/01/21/fed-up-phil-popular-golfer-mickelson-says-high-taxes-are-going-to-force-him-into-drastic-changes-could-he-retire/
LA QUINTA, Calif. — Phil Mickelson gave a civics lesson after his play Sunday in the final round of the Humana Challenge. The lecture: I’m not going to pay more in taxes than I can take home to my wife and kids.
ReplyDeleteMickelson, a longtime California resident, vented after shooting a final-round 66 for a 17-under 271 total and tie for 37th in his 2013 debut. Last fall, Californians approved Proposition 30, which boosts the state income tax to 13.3 percent on earnings of $1 million or more. That’s a 29.1 percent increase from the previous “millionaires tax” in a state with tremendous fiscal issues.
Compound that increased liability with the recent changes to the federal tax code, which bumps the top bracket to 39.6 percent from 35 percent to avoid going over the so-called fiscal cliff, and Mickelson’s tax hit is substantial.
“I think that we’re all going to have our own kind of way of handling things, handling time in our career, our family, handling what’s gone on the last couple of months politically,” Mickelson said. “I think we’re all going to have to find things that work for us."
http://kdvr.com/2013/01/21/phil-mickelson-says-higher-taxes-are-causing-him-to-consider-retirement/
UPDATE: Mickelson offered the following statement on Monday night:
ReplyDelete"I know I have my usual pre-tournament press conference scheduled this week but I feel I need to address the comments I made following the Humana Challenge now.
"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 not to let it happen again."
http://sports.yahoo.com/blogs/golf-devil-ball-golf/phil-mickelson-warns-drastic-changes-because-state-federal-165909894--golf.html
This debate needs to be aired.
ReplyDeleteShould a family be required to pay more to the government in taxes than they keep for themselves?
Once the government takes a majority of a producing families income does incentive remain to continue to work for others?
The taxman comes to your farm. You hand him the reins to one of your two mules. The revenuer tells you to butcher the other mule and give him one hind quarter. Does it make sense to remain in the mule business?
Former French leader Sarkozy to move to London to avoid 75% tax.
ReplyDeleteSarkozy's British rate will be 50%. Ten thousand wealthy Brits have recently migrated since this rate was Put in place by Labour.
DeleteFrench actor Gerard Depardeiu trading 75% tax for Russian 13% rate. A mass migration to follow?
ReplyDeletePro golfer Phil Mickelson has overcome serious health problems, along with the bad luck of competing during the same epoch as Tiger Woods, to earn more than $67 million in prize money in his two-decade career, by ESPN’s accounting. Factor in his impressive income from endorsements and an investment in a successful golf-course design company, and his net worth tops $180 million, according to Forbes. Poor baby.
ReplyDeleteHow much should the government be entitled to?
DeleteThe government is not entitled to a single cent. It's Mickleson's money that he earned fair and square. It's not the government's money, it's our money.
DeleteWe the people set the amount that we allow the government to have.
I share your question louman but stated differently, How much should we allow the government to collect? Should government on all levels collect more than a family can keep for themselves?
The people of California can set their income tax at any rate they desire. Mickelson can move to wherever he desires.
suppose to portect the minority from the tyranical rule of the majority. In California the majority has ruled the minority must pay more. Shouldn't governmant protect them? How would you like to be forced to move from your home because a majority decided you should pay more but the next door neighbor doesn't?
DeleteI hear you louman. I live in Jersey. I am realizing your statement.
DeleteThe Flaw is that we should not be asking how much of our money we are allowed to keep but how much are we willing to give.....
ReplyDeleteThere are things we need to pay for with our taxes. Where do we draw the line? Shouldn't homeowners and business owners in NJ have insurance to cover their rebuild cost? Should tax pay to rebuild NJ?
DeleteWhere do we draw the line? Our politicians don't seem to know when enough is enough.
I live in Florida and I have hurricane insurance on my home. The cost is 3 times the cost of the homeowners policy, and that is with $10,000 deductable, despite the fact that this area has not had a direct strike in 50 years. It is not reasonable to expect people in New York and New Jersey to carry such coverage, although the insurance industry would love it.
ReplyDeleteIf you live in an area that has the potential for a hurricane you buy insurance as it is buyer beware.
DeleteIf you live in LA would you have earthquake insurance? Yes.
Would you have hurricane insurance,
No.
If Mickelson lived in Florida he would save approximately $8M on his taxes this year.
ReplyDeleteTiger Woods has saved over $100M on his taxes by living in Florida for the past 15 years.