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Phil Mickelson Exploring ‘Drastic Changes’ Due to Tax Hikes
Published: January 21, 2013
“I'm not sure what exactly, you know, I'm going to do yet,” Mickelson said via ASAP Sports.
“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,” Mickelson continued.
California’s state income taxes for people earning more than $1 million per year recently rose from 10.3 percent to 13.3 percent. Mickelson’s federal income tax would have risen from 35 percent to 39.6 percent through Congress’ so called “fiscal cliff” agreement.
Social security, also known as the payroll tax, rose by two percent for all working Americans as part of the fiscal cliff agreement.
In total, Michelson’s taxes would have increased by nine percent in just the past few weeks. However, only three percent of that increase would have come from the state of California. Mickelson could be living in any of the other 49 states in the America and still would have seen at least a six percent increase in his tax rate.
Mickelson’s “drastic change” is most likely going to simply involve a move to another state.
Retiring from the game of golf due to a tax rate increase of nine percent is highly unlikely and illogical at best because, if its money that he’s tr...
Article Source: Bleacher Report - Golf
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