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Mothers of special needs children are hit especially hard by #Obamacare: http://t.co/dJuaGAT9LE
May 14, 2013 06:30 PM
taxreformer -
#Obamacare's looming tax increases are a train wreck waiting to happen: http://t.co/opFkyf1guJ
May 14, 2013 06:00 PM
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The Internet Sales Tax Vote Breakdown: A Republican Generation Gap: http://t.co/7GpRtPZGuh #NoNetTax
May 14, 2013 05:30 PM
taxreformer -
We're just beginning to scratch the surface on this IRS thing, folks. I'm talking more about it w/ @GerriWillisFBN tonight, 6pm^ET
May 14, 2013 05:18 PM
MDuppler -
Surprise: #Obamacare Leading to Higher Health Costs: http://t.co/J6dfnKqFYZ
May 14, 2013 05:00 PM
taxreformer -
In light of the developing IRS scandal, ATR’s @RyanLEllis asks, “Are these the people you want doing your taxes?”: http://t.co/oKvpIofu7Y
May 14, 2013 04:30 PM
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New @Mercatus video breaks down what’s at stake for states considering expanding Medicaid under #Obamacare: http://t.co/9TH9ftOBPF
May 14, 2013 04:01 PM
taxreformer -
List of Upcoming Obamacare Tax Hikes http://t.co/yEdM94o6lw
May 14, 2013 03:16 PM
taxreformer -
ATR’s @MDuppler discusses the ramifications of the developing IRS scandal on @VarneyCo: http://t.co/ZvMvMW9fRE
May 14, 2013 03:01 PM
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In new @DailyCaller op-ed, @GroverNorquist urges Congress to question IRS agents involved in this scandal: http://t.co/M0gV2GpQ9G
May 14, 2013 02:30 PM
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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.
