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Phil Mickelson (made $48 million last year) is leaving CA because of CA 13.3% income tax

Monday, January 21, 2013 17:50

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by Richard Rider, Chairman, San Diego Tax Fighters
Blog: www.RiderRants.BlogSpot.com

This story is noted on the front page of today’s (21 January) SAN DIEGO U-T. It’s an early indication that rich Californians are considering leaving. Phil Mickelson made almost $48 million last year, and currently lives in Rancho Santa Fe — but apparently not for much longer.

What is unusual is that he’s going public about his decision. He figures that, if he does nothing in 2013, he will be paying a marginal total tax rate of “62-63%.”

The article is also the harbinger of doom for our CA pro sports teams (just give it time). Talented players will prefer low/no tax states over CA. Just ask Vincent Jackson!

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http://www.utsandiego.com/news/2013/jan/20/mickelson-drastic-changes/

Mickelson expects to make ‘drastic’ changes because of political, economic climate

Tod Leonard

5:04 p.m.Jan. 20, 2013

Phil Mickelson watches his tee shot on the sixth hole during the first round of the Humana Challenge golf tournament at the La Quinta Country Club in La Quinta, Calif. Thursday, Jan. 17, 2013. (AP Photo/Chris Carlson) — AP

LA QUINTA — San Diego professional golfer Phil Mickelson said after the final round of the PGA Tour’s Humana Challenge on Sunday that he will have to make “drastic changes” in his life because of the federal and state taxes he is paying, and he confirmed that his decision to not buy an interest in the Padres was directly related to his financial situation.

“I’ll probably talk more in depth next week (at the Farmers Insurance Open at Torrey Pines). I’m not going to jump the gun,” Mickelson said. “There are going to be some drastic changes. I happen to be in the (tax) zone that is targeted both federally and by the state, and it doesn’t work for me right now.”

Mickelson, 42, was responding to a question about why, in a conference call last Monday, he referred to “what’s gone on the last couple of months, politically,” when talking about the semi-retirement of fellow tour pro Steve Stricker.

“I think we’re all going to have to find things that work for us,” Mickelson said on the call. “I think we’re all going to have our own kind of way of handling things, handling time in our career, handling what’s gone on the last couple of months politically. I think we’re all going to have to find things that work for us.”

Asked if there was a correlation between his views and his withdrawal from interest in the Padres, Mickelson said, “Yeah, absolutely.”

Mickelson made it known on Dec. 18 that he told the Padres he wouldn’t be part of the ownership group after expressing enthusiasm throughout the summer for his possible inclusion. He said on that night, “I’ve been born and raised here, but at this moment I’m not able to make that kind of long-term commitment to the city and to the team.”

Mickelson, who lives in Rancho Santa Fe, is expected to address the media in a press conference on Wednesday at Torrey Pines, and he said on Sunday, “San Diego is where I live. It’s where the Padres thing was a possibility, where my family is. It just seems to be a better fit than right here off the 18th (green) in Palm Springs.”

In November, California voters approved Proposition 30, which imposed a 13.3 percent tax rate for incomes of more than $1 million – a percentage increase of 29.13 percent over the previous “millionaires” tax of 10.3 percent.

As of June 2012, Forbes Magazine ranked Mickelson as the seventh-highest paid athlete in sports, with on-course earnings and endorsements totaling $47.8 million.

“If you add up all of the federal and you look at disibility and unemployment and the social security and the state, my tax rate is 62, 63 percent,” Mickelson said Sunday. “So I’ve got to make some decisions about what I’m going to do.”

The options for Mickelson would seem to be to move to a state with lower taxes or go into some form of retirement.

. . .

To read the rest of the article, go to the U-T link.

RIDER COMMENT: Let me add that I strongly admire Mickelson for “coming out” on this. He COULD have simply quietly moved to another state. Instead he made a statement and — judging from all the disparaging comments under the longer ESPN version of this article (currently over 2,600 comments and growing) — he ticked off a bunch of Obamabots. His public statement WILL hurt his popularity will a large portion of clueless Americans.

Here’s just one version of the ESPN story, complete with a video blasting him. The story is the same, but the comments are endless, if you care to visit.

I should add that I don’t recommend reading the comments. Such displays of raw hatred of the rich coupled with stunning economic illiteracy are just plain frightening.

http://espn.go.com/golf/story/_/id/8863956/phil-mickelson-hints-big-course-changes

RIDER COMMENT: Expect the Hollywood liberal superstars and moguls to relocate their state tax residence as well (if they haven’t already), but they will do it quietly. One’s income tax state is private information.

These wealthy Obama supporters work mostly outside of CA these days (few movies are made in Hollywood anymore, or even in California) — it’s folly for them to pay CA income taxes. Even the craziest progressive figures that they can give money away more effectively than can government. And they are right!

2013-01-21 17:45:11

Source: http://blog.stoptaxingus.com/2013/01/21/phil-mickelson-made-48-million-last-year-is-leaving-ca-because-of-ca-133-income-tax.aspx?ref=rss

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