Chart usGOLD   Chart usSILVER  
 
Food for thought
Paper is poverty, .... it is only the ghost of money, and not money itself
Thomas Jefferson  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1226.80-8.60
Silver 18.54-0.16
Platinum 1350.80-11.27
Palladium 831.50-8.75
WORLD MARKETS
DOWJONES 1720776
NASDAQ 458027
NIKKEI 15889-23
ASX 5411-35
CAC 40 443122
DAX 966229
HUI 218-2
XAU 91-1
CURRENCIES (€)
AUS $ 1.4364
CAN $ 1.4162
US $ 1.2877
GBP (£) 0.7918
Sw Fr 1.2113
YEN 139.5020
CURRENCIES ($)
AUS $ 1.1156
CAN $ 1.0999
Euro 0.7770
GBP (£) 0.6150
Sw Fr 0.9407
YEN 108.3330
RATIOS & INDEXES
Gold / Silver66.17
Gold / Oil13.02
Dowjones / Gold14.03
COMMODITIES
Copper 3.15-0.01
WTI Oil 94.22-0.66
Nat. Gas 4.020.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Golf star Phil Mickelson may bolt California over taxes; Time to Send Taxifornia a Messa
Published : January 22nd, 2013
585 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

Golf star Phil Mickelson has had enough of California taxes. He totaled up Federal and California state taxes and came up with 62%.

What about sales taxes? Regardless, he has finally had enough of Taxifornia.

Fox News reports Teed off: Golf star Phil Mickelson may bolt California over taxes

For golf legend Phil Mickelson, the low 60s makes for a great score on the links — and a lousy tax rate in his home state of California.

Mickelson said “drastic changes” are ahead for him due to federal and California state tax increases that have pushed his tax rate to what he figures adds up to “62, 63 percent.” The left-hander will talk more about his plans — possibly moving out of California or even retiring altogether — before his hometown Farmers Insurance Open, the San Diego-area event that begins Thursday at Torrey Pines.

Mickelson, who lives in Rancho Santa Fe, is unsure exactly what he’ll do, but changes will come, he said. If he bolts California, the San Diego native could be the Golden State's answer to actor Gerard Depardieu, who renounced his French citizenship and moved to Russia after the French government tried to jack up taxes on the rich.

“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,” he said. “So I'm going to have to make some changes."

California voters in November approved Proposition 30, which, in addition to raising the state sales tax, carries a menu of new tax brackets that hit millionaires like Mickelson hard. For income exceeding $1 million, the state rate jumped to 13.3 percent from 10.3 percent. For Mickelson, who earned roughly $60 million in 2012, that would be a tax increase of more than $1.8 million.

"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."

Mickelson, according to Sports Illustrated, was the second-highest earning athlete of 2012, second only to boxing’s Floyd Mayweather, Jr. Mickelson, who was also second on the list in 2011, earned $3.7 million in winnings and $57 million in endorsements last year — for a staggering total of $60,763,488.

Details of Mickelson’s several endorsement deals — including partnerships with Callaway, Barclays and Rolex to name a few — are unknown, and his real estate holdings and other business ventures are not included in the Sports Illustrated tally.
Curious Time to Leave

If indeed Mickelson is pondering retirement, it's a somewhat curious time to leave. His income will drop, and so will taxes. Proposition 13 ensures his California property will not be taxed at a high rate.

He should have been "teed off" long ago.

Of course he may have meant retire from the tour as opposed to "retire". It's possible he would be hired as a top commentator for a news network, or that he has other business ventures in mind.

Still, how likely is income from other ventures to approach $60 million?

Time to Send a Message

Perhaps Proposition 30 was simply the final straw.

However, regardless of what he earns, I do hope he leaves Taxifornia. The more millionaires that leave the better, because it's certainly time to send a message.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Data and Statistics for these countries : Russia | All
Gold and Silver Prices for these countries : Russia | All
Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Mish
All articles by
Mish
Next article by
Mish
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Mish

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
Mish ArchiveWebsiteSubscribe to his services
Most recent articles by Mish
9/17/2014
9/17/2014
9/17/2014
9/16/2014
9/16/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer