Lefty and His Tax Bill
In restrospect I'm sure that Phil Mickelson wishes he would not have been so public in his bitching about his tax situation. I've watched him play golf and he has been a credit to the game and his personal life has been better than Tiger Wood's in many ways.
He is handsomely compensated not only for winning golf tournaments, but also for just showing up, and his brand as currently practiced until this tax rant, has given him opportunities to be a spokesman for more than a few companies and the clothes he wears are even cash cows.
I'm sure he can afford a tax attorney and an accountant to shield his wealth from the tax man and if he is so pissed off at the left coast where he lives he can always move to Florida where there is no state income tax. The state is similarly cheap when it comes to funding education but the weather is good, not perfect like San Diego and we have owners of professional sports franchises that might need partners to help finance their stadiums.
I'm not sure about this but most people with a lot of wealth would just assume protect it from the tax man, many relatives, ex-wives, greedy contractors and just about everyone else can move from being a trusted friend to a hanger on in a New York minute.
He is handsomely compensated not only for winning golf tournaments, but also for just showing up, and his brand as currently practiced until this tax rant, has given him opportunities to be a spokesman for more than a few companies and the clothes he wears are even cash cows.
I'm sure he can afford a tax attorney and an accountant to shield his wealth from the tax man and if he is so pissed off at the left coast where he lives he can always move to Florida where there is no state income tax. The state is similarly cheap when it comes to funding education but the weather is good, not perfect like San Diego and we have owners of professional sports franchises that might need partners to help finance their stadiums.
I'm not sure about this but most people with a lot of wealth would just assume protect it from the tax man, many relatives, ex-wives, greedy contractors and just about everyone else can move from being a trusted friend to a hanger on in a New York minute.
Mickelson Was Right About Taxes.
ReplyDelete“Mickelson was telling the truth. If there’s anything that should upset or insult Americans, it’s just how much of their money the government takes. Mickelson estimates that more than 60% of his earnings are snatched in federal and state taxes (he lives in California). Should a private citizen, no matter how successful, really owe the government more than half of what he or she makes?”
I doubt he pays 63% of his income in taxes, which would be about $30 million. I think he was just venting about the 30% increase from 10% to 13% for millionaires in California. However I do agree that at some point increasing tax rates will encourage people to work less or evade taxes,and I'm absolutely sure that Tiger Woods moved to Florida to avoid California taxes.
DeleteNobody ever says what the minimum amount of taxes people should pay on their income or wealth. Tax exemptions, credits, and deductions sure muddy the waters.
I think he's closer to 45% than 30% or 60%. Add up all taxes; state, municipal, federal, then add in fees, surcharges, sales taxes and property taxes and estate taxes and gift taxes and on and on.... It's a big bundle. All I can say about the mimimum is that it should greater than zero for everybody.
ReplyDelete