The Phil Mickelson taxes commentary made headlines this week.
It turns out, however, that Tiger Woods and his sometime golf frenemy Phil Mickelson appear to agree about high tax rates. Mickelson is considering leaving California for that reason, and Tiger Woods already did.
On Sunday, Phil Mickelson stirred up controversy when said he might have to make some “drastic changes” because of high federal taxes plus his home of state of California’s new millionaires tax. In November, California voters approved a tax levy on millionaires that boosted the rate from 10.3 percent to 13.3 percent.
Mickelson said “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. I’ve got to make some decisions on what I am going to do.”
The tax situation apparently discouraged him from becoming a part owner of the San Diego Padres.
Mickelson was subsequently blasted on social media for expressing his views on high tax rates and later issued an apology according to ESPN:
“Finances and taxes are a personal matter, and I should not have made my opinions on them public. I apologize to those I have upset or insulted, and assure you I intend to not let it happen again.”
But Tiger Woods has come to Phil’s defense because he (Woods) moved out of California to Florida, which has no state income tax, the LA Times reports:
“Well, I moved out of here back in ’96 for that reason. I enjoy Florida, but also I understand what he was, I think, trying to say. I think he’ll probably explain it better and in a little more detail.”
Mickelson and Woods are scheduled to play in the Farmers Insurance Open Torrey Pines in San Diego next week. Mickelson and his family currently live in the San Diego suburb of Rancho Santa Fe.
According to Fox Sports,
“Mickelson, 42, has earned $67,677,098 on the golf course and considerably more off the golf course in a Hall of Fame career during which he has won 40 PGA Tour events, including four major championships. Forbes magazine reported last year that Mickelson earned $43 million in endorsements in 2012. In the magazine’s list of highest-paid athletes, Mickelson ranked seventh … “
Do you think rich people should have to pay 60 percent of their income in taxes?