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Phil Mickelson Speaks out About Tax Rates, May Make ‘Drastic Changes’
Published: January 21, 2013
According to Golf Channel’s Ryan Lavner, while talking with the media after his round on Sunday, Mickelson said:
“There are going to be some drastic changes for me because I happen to be in that (tax) 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 make some changes”.
Mickelson went on to add:
“My tax rate is 62-63 percent, so I’ve got to make some decisions on what I’m going to do”.
Mickelson and his family reside in Rancho Santa Fe, CA. California's Prop 30, which passed after last November's elections, prompted his comments.
According to the California Voter Information Guide's website, Prop 30:
Increases taxes on earnings over $250,000 for seven years and sales taxes by ¼ cent for four years, to fund schools.
According to a Sacramento Bee report, the tax rate bump is more significant for California residents making more than $1 million:
And for the sliver of Californians who make more than $1 million, their new tax rate hits 13.3 percent, almost a 30 percent rate hike above their current rate.
It is estimated that Mickelson earned $47 million in 2012, according to Forbes.com. His 62-percent tax rate still leaves $18 million to pay for groceries and put into his IRA.
Most of America just can’t relate to this type of problem, particularly when the 2011 national median income was just over $50K.
The GolfChannel.com report says that Mickelson is expected to expand on his comments this week...
Article Source: Bleacher Report - Golf
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