Phil Mickelson to pay at least 61% in income taxes on last 2 wins

[chefnerd]

Actually, the figures in the Forbes article were somewhat misleading. The writer neglects to mention that both Federal and California tax rates contain brackets. Consequently, not ALL of the income is taxed at the highest rate. In fact in CA, only the amount over two million is taxed at the highest rate. His actual CA effective rate on the $2.1 million, assuming no deductions, exemptions, or credits, is just over 11%. But, yes that is too high.

[Doove]

Originally Posted by chefnerd

Actually, the figures in the Forbes article were somewhat misleading. The writer neglects to mention that both Federal and California tax rates contain brackets. Consequently, not ALL of the income is taxed at the highest rate. In fact in CA, only the amount over two million is taxed at the highest rate. His actual CA effective rate on the $2.1 million, assuming no deductions, exemptions, or credits, is just over 11%. But, yes that is too high.

True, but i think it's a fair argument to suggest that he's likely already reached the threshold for the maximum rate prior to winning the British Open, henceforth, the entire amount of winnings from the British Open are subject to the maximum rate.

Nevertheless, they're still misleading when they suggest he's paying 60% based on the other posts.

[CJ7]

Phil more than likely does pay the full 60% on the winnings from the Open, IN THAT COUNTRY... but rest assured the 800K he comes home with goes into his total earnings tally along with every other dollar he won over the course of the year and gets EVERY expense he had while he was there, and every expense for the entire year deducted from the bottom line, caddy, room, air fare, glass of wine, steak, bag of peanuts,etc, just like any other business does ...

[timpage]

Originally Posted by Budman

That seems to be the liberal mindset. Since it's somebody else's money it's OK. I'm sure if you had to pay 60% of your salary you would be pissed. Being "RICH" is very subjective. It all depends on where you are in terms of income on who you may think of as being rich. If you make $100,000 per year you are probably thought of as rich to the family making $20,000 per year. So in your mind it's OK for Phil to be taxed at 60% because he makes so much more than you. Kind of a shallow way of thinking but not unexpected from a liberal.

Oh, I think pretty much everybody is going to agree that somebody that earned a couple of millions bucks in two weeks, and takes home over a million of it after taxes, is "rich."

Anyway, as Doove pointed out, you have ignored the fact that poor Phil is not being taxed at 60%. But, I do agree....I'd be pissed if I was him, paying taxes sucks. But, it's part of life and whining about like you sniveling bitches do grows tiresome. And, since you bring it up, I'd be willing to bet I pay as much, or more, than all of you crybabies who constantly quack about it.

If Phil doesn't want to pay the taxes on his winnings overseas, then he needs to stay home. If he doesn't want to pay state income tax in California, then he needs to stop crying, shut the fuck up, and move. He was born and raised in a country that provides him with the opportunity to make a fabulous fucking living playing a kid's game. I'm not going to spend any time crying about the taxes he has to pay. And, you can fuck off if you don't like that.....

[CJ7]

if you play on the PGA and are in the top 40, you're a millionaire ..

http://espn.go.com/golf/statistics


not counting endorsements ..

[cptjohnstone]

I went to high school with Doug Tewell and Mark Hayes, one won the Colonial, the other won the Byron Nelson

Doug told me one time 1/3 of their income comes from endorsements

of course, we know a thing or two about golf up here

http://www.karstencreek.com/wPAGES/wHome.htm

http://www.youtube.com/watch?v=1AtGmb4suDo

[JD Barleycorn]

You have to love that Doove, CJ, and Timmie insist that anyone try to work around the tax laws in order to save their money from confiscation. At some point when you go around the laws (legally) you get tripped up and do something not quite legal. That is where the IRS shows up. They take away more money in fines, back taxes (that you legally avoided), and penalities than you saved. It's insidious and these three (whom I suspect work for the government) are part of it.

Who signs your checks boys? Geithner?

[skirtchaser79411]

I am sure Phil could find a very nice home in Southlake tx

[Doove]

Originally Posted by JD Barleycorn

You have to love that Doove, CJ, and Timmie insist that anyone try to work around the tax laws in order to save their money from confiscation. At some point when you go around the laws (legally) you get tripped up and do something not quite legal. That is where the IRS shows up. They take away more money in fines, back taxes (that you legally avoided), and penalities than you saved. It's insidious and these three (whom I suspect work for the government) are part of it.

Who signs your checks boys? Geithner?

What a dumb post.

[gnadfly]

Some of the less liberal members of this forum don't understand.

The progressives of this country, including the President, consider this WPP!

Move along!

[JCM800]

[Yssup Rider]

YEAH MUSKOGEE! Them truck stop casinos are famous for their golf courses, ain't they?

[Jackie S]

I suspect by the time he takes advantage of the multitude of deductions available, he will end up paying about 51 percent for those two matches.