Pro Golfer: Why Work with a 63% Tax Rate ?

Discussion in 'Economics' started by bone, Jan 21, 2013.

  1. bone

    bone ET Sponsor

    Golf Pro Phil Mickelson is considering retirement or leaving California or even the United States based on his new-for-2013 63 percent tax rate.

    I have to wonder how many Hollywood Limousine Liberals are making similar plans. It would appear that California wants anyone financially successful to find another place to live.

    http://www.latimes.com/sports/sportsnow/la-sp-sn-phil-mickelson-taxes-20130121,0,1105055.story

    http://www.forbes.com/sites/anthony...-may-call-it-quits-due-to-climbing-tax-rates/
     
  2. Bob111

    Bob111

    not sure if he did add his self employed,SS,medicare,obamacare,real estate etc taxes to it. i'm pretty sure if he sums up everything-it will be more like 70+%
    average joe with income >100K in something like PA is paying 50% in total..guy in Cali with 100M? probably waaaaay more than that.
    well..here you have it ..obama's distribution at work..

    barstool economics will follow

    http://doc.cat-v.org/economics/bar_stool_economics

    it was already started long time ago when clinton was in charge,but i guess was is not enough for those politicos in DC..

    first-it was companies,now-individuals
     
  3. Phil's taxes will have to go up some more. I'm quite sure he's still "not paying his share".
     

  4. The guy likely has massive write offs ( like any high earning self employed ) I bet he pays way less in reality. surf
     
  5. Something I liked in that link is that people might go elsewhere. The problem with being wealthy is not so much the tax it is the aggression of other people who are jealous or want a free ride. That is what will make most people leave imo. In China you are respected, not fake, genuinely respected for being successful not in the West.
     
  6. WS_MJH

    WS_MJH

    He's a US national, so he can't escape US federal taxes no matter where he goes in the world. The IRS has universal tax jurisdiction. He can leave CA for a lower tax state though. FL is obviously popular with athletes. If it's just Federal + CA, I think that's a little above 50%, but not sixty some. (SS is not your entire income)

    As to the larger point, it's theft. I wish what Morganist said was true here in the US, but it doesn't seem to be the case.
     
  7. Bob111

    Bob111

    US is getting more and more like a europe. from what i've heard it goes like this over there-you work-you got 60K a year. guy on welfare got 40K..and overall mentality of masses-why work? point is -the difference is doing something and your income AFTER taxes is close to the guy ,who does nothing. so-why work? imo-US is heading to this direction. the other day they where showing South Korea on tv-omg..Seoul..in 50 years from sh**le,where sewer was on the streets they got into this-

    http://www.globeimages.net/data/media/107/seoul__city.jpg

    what are the changes in US in past 20 years? array of nonsense wars..and doubled debt..that's about it..
    like failed trader said-we need war on debt.(and imo-on taxes and regulations)
     
  8. Maverick74

    Maverick74

    Here are a breakdown of the numbers (approximate):

    Top Federal Tax Rate : 39.5%

    Top CA tax rate: 13.3%

    Medicare Tax (no max limit) : 2.9%

    Payroll tax increase for all Americans: 2%

    Obama care tax: 1%

    New tax on investment income over 250k :3.8%

    Let's get out the calculator boys:

    I get 62.5%

    Phil was right.
     
  9. ktm

    ktm

    Phil needs to get a guy that can work this out. Get out of CA and find a guy that set him up as a foundation. Have the PGA pay his foundation instead of him, or something like that...get the PGA and endorsers to do funding as deferred income. He can't get out of everything, but the right guy can get his number down to something not as ridiculous as 63%.
     
  10. You are counting obamacare related increases twice. Medicare (2.9%) + additional medicare(0.9% over 200k) = new tax on investment income(3.8%). I second the notion that he needs a new accountant who can atleast calculate potential tax increases properly.
     
    #10     Jan 21, 2013