Phil Mickelson’s Taxes Could Cause Early Retirement
Phil Mickelson is not happy about his new taxes.
Mickelson, who has a net worth of about $180 million, said that rising tax rates will cause him to make some drastic changes this year. Mickelson said that he didn’t want to jump the gun on any decisions yet but said that the tax situation on a state level in California and on a federal level just isn’t working for him anymore.
“It’s been an interesting off-season. And I’m going to have to make some drastic changes. I’m not going to jump the gun and do it right away, but I will be making some drastic changes … I’m not sure what exactly, you know, I’m going to do yet. I’ll probably talk about it more in depth next week. I’m not going to jump the gun, but there are going to be some. There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn’t work for me right now. So I’m going to have to make some changes.”
Forbes reports that Mickelson will see his tax rate on ordinary income increase from 35% to 39.6% and his rate on long-term capital gains increase from 15% to 20%. Mickelson’s career PGA earnings stand at about $75 million and he is frequently listed on “Highest Earning Athletes” list. According to Forbes, Mickelson earns more than $30 million annually through endorsements.
What do you think about Phil Mickelson’s taxes? Do you think the professional golfer will really do something drastic to change his situation?