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Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
taxreformer -
"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
taxreformer -
Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
taxreformer -
Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
taxreformer -
Under #Obamacare, mothers have had a tougher time purchasing non-prescription, over-the-counter medicine: http://t.co/dJuaGAT9LE
May 13, 2013 02:01 PM
taxreformer -
9 out of 20 #Obamacare tax hikes have not even been implemented yet: http://t.co/opFkyf1guJ
May 13, 2013 01:30 PM
taxreformer -
.@GroverNorquist on MFA: "[The Senate] didn't ask all of the questions that needed to be asked": http://t.co/wXfkIR2Ca9 #NoNetTax
May 13, 2013 01:01 PM
taxreformer -
"When architects of #Obamacare are worried about it creating a trainwreck, you know something's gone terribly wrong": http://t.co/J6dfnKqFYZ
May 13, 2013 12:30 PM
taxreformer -
Conservative and Free Market Groups Applaud Move to Delay a Vote on Gina McCarthy: http://t.co/lNQYmJAB12 #EPA
May 13, 2013 12:02 PM
taxreformer -
The #Obamacare train wreck will derail the American economy: http://t.co/opFkyf1guJ
May 13, 2013 11:30 AM
taxreformer
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Phil Mickelson Hits the Rough in Tax-Happy California
Pro golfer faces a whopping $5 million tax hike if he continues to reside in California.
How would you feel if your taxes went up by $5 million over night?
Well that’s what happened to pro golfer Phil Mickelson, who recently made headlines for commenting on the absurdly high tax rate he faces as a successful citizen living in California. Mickelson stated: “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 is 62, 63 percent, so I've got to make some decisions on what I'm going to do.''
Mickelson has earned over $60 million per year roughly for the last few years – not too shabby. As a result of Gov. Jerry Brown’s recent Prop. 30 income tax hike, Mickelson’s state income tax burden jumped from $6.18 million to $7.98 million- a whopping $1.8 million increase!
The Golden State’s income tax hike only added insult to injury for Mickelson this year, who also got hit with a $3.28 million federal income tax hike as a result of the post-fiscal cliff top federal tax rate jumping to 39.6% (plus pay roll tax increase=42%).
Just focusing on Phil’s income tax bite, assuming he continues to earn $60 million per year and stays in California, here is how his tax bill will grow in the post-fiscal cliff, post-Prop. 30 world:
Federal Tax Burden:
|
Pre Fiscal Cliff Federal Tax Burden (36%) |
$21,832,949 |
|
Post-Fiscal Cliff Federal Tax Burden (42%) |
$25,117,614 |
State Tax Burden:
|
California State Burden Pre-Prop 30 Tax Hike (10.3%) |
$6,180,000 |
|
California State Burden Post-Prop 30 Tax Hike (13.3%) |
$7,980,000 |
The majority of players on the PGA tour live in either Florida or Texas, two states that do not have an income tax. State taxes matter a great deal. Neighboring Nevada has no income tax and I’m sure it’s not lost on Mickelson that he can save over $7 million per year by simply moving to the other side of Lake Tahoe.
