Phil Mickelson Considers Retirement to Escape Onerous Taxation

Posted by on Jan 21, 2013 at 8:57 am
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Before he does this has he considered a state without an income tax? Currently residing in California the legendary golfer is already paying over 60% of his income to the government, so he’s considering hanging it up to avoid paying more and more.

Now it’s not as if he’ll starve, but this should send a message to the clowns in Washington: At some point the producers in society won’t produce as much if you keep helping yourselves to what they’ve earned.

Word is, Phil Mickelson is mad as hell about rising tax rates, and he’s not going to take it anymore.  What follows is a brief portion of an interview Mickelson gave earlier today after carding a final-round 66 at the Palmer Course at PGA West in La Quinta – which I assure you, is not associated with the La Quinta next door to your local Denny’s – in which the golfer hinted that he is considering drastic career changes because of a combined tax rate nearing “62, 63 percent:”

Q. When you’re asked about Stricker’s semi-retirement, with the political situation the last couple months, blah, blah, blah, what did you mean by that? Do you find it an unsettling time in a way?

PHIL MICKELSON: Well, it’s been an interesting offseason. 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.

Q. Meaning leaving from California?

PHIL MICKELSON: I’m not sure.

Q. Moving to Canada?

PHIL MICKELSON: I’m not sure what exactly, you know, I’m going to do yet. 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.

To be honest, it’s hard to blame Mickelson – who has compiled a net worth approaching $180 million by repeatedly striking a tiny white ball until it falls into a hole — for putting all options on the table, which according to some, include the possibility of prematurely shutting down his career to avoid his rising tax burden. Let’s take a look at what Mickelson is up against in 2013:

For starters, courtesy of President Obama’s re-election and the subsequent fiscal cliff negotiations, Mickelson will experience an increase in his top tax rate on ordinary income from 35% to 39.6%, and an increase in his top rate on long-term capital gains and qualified dividends from 15% to 20%. Clearly, when faced with tax hikes of that magnitude, it stops making economic sense for Mickelson to continue to swing a metal stick up to 70 times a day in exchange for the $48 million he earns on an annual basis.

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15 Responses to “Phil Mickelson Considers Retirement to Escape Onerous Taxation”

  1. RINO on 21/21/13 at 9:27 am

    I sympathize with him, but quit because your take home will only be 25 million instead of 30 million seems a bit absurd to me.

  2. Fred Beloit on 21/21/13 at 10:03 am

    Scott Michaux (pardon my French) conducts a snarky interview based on his envy and spite of Phil’s success in the free market of sports. “Forbes” prints an even nastier piece by an even snarkier writer who shares these same two librul virtues.

    Guess neither of these envious dweebs have the talent and work-ethic necessary to become a golf champion. (BTW golf champions are paid so much due the the difficulty of the sport, and their value to corporations who sponsor golf events because they are popular with the public.) Snark over actors, snarky Demunists, that is an over paid job that requires much less talent and effort [see Matt Damon].

  3. jr on 21/21/13 at 10:18 am

    Come to Texas Phil. No state income tax. Lots of great golf courses, lots of good investment opportunities, few lib Californians to put up with, so far.

    And Rino, Phil will do a lot more good with that 5 million than the government will.

  4. Mike S on 21/21/13 at 10:24 am

    JR,

    Rino’s point is that if he quits, neither he nor the government will have the 5 million.

  5. luagha on 21/21/13 at 10:42 am

    And yet, if you could ‘earn’ 5 million dollars per year by moving out of California to a huge beautiful property in a low-tax state, would you do it? How about ten million if you had to move out of the United States? Per year?

  6. blake on 21/21/13 at 10:49 am

    Wow, the snark is awesome!

    Not happy with your 60% tax rate? You’re a spoiled jerk with no right to complain!

    Because, you know, ANYONE can swing that metal stick and hit that ball into a cup such that millions (well, thousands, anyway) will want to watch it!

    Back to work, peon!

  7. jukin on 21/21/13 at 11:25 am

    A 13% increase in federal income taxes.
    A 33% increase in capital and dividend taxes.
    A 29.2% increase in state income taxes.
    Oh and a 3.5% increase on anything he buys.

    I’d be changing legal residence to a less socialist nation like Canada.

    I wonder how many people have a job due to Phil and his investments that will not? I bet at least a few thousand.

  8. Rich K on 21/21/13 at 11:50 am

    It didn’t sound like he was Shrugging that much to me. Probably he will shuffle off to a lower tax state like many Cali Expats are doing. Next boring article please.

  9. t-bird on 21/21/13 at 12:32 pm

    Win more and you’ll take home more. Take up official residence in Nevada. Your family can stay put.

  10. Frank G on 21/21/13 at 9:38 pm

    Phil and Amy have done so much in San Diego, spreading their wealth for awesome causes. This will be a blow. Fuck you, CA Dems

  11. marcus tullius cicero on 22/22/13 at 10:13 am

    IF I COULD I WOULD MOVE OUT TOO. BUT THERE ARE NO PLACES LEFT THAT ARE AMERICAN-FRIENDLY ANYMORE. WORSE, THE US DOLLAR IS DEVALUED AGAINST ANY OTHER CURRENCY. NO SIR, WE ARE A HAS BEEN COUNTRY NOW….THANK YOU MR PRESIDENT BHO SIR AND ALL THEM MORONS THAT ELECTED YOU TO CRAP ON THE USA…….I AM VERY SAD FOR OUR CHILDREN’S FUTURE, THERE IS NONE!

  12. rainbow unicorn fewmets on 23/23/13 at 11:12 am

    Comrade Phil will pay up for the collective and like it. This is the glorious rainbow hopey changey transformation utopia and it won’t be cheap.