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(ESPN)   Phil Mickelson hates 1990's tax rates so much that he's going to do something about it   (espn.go.com) divider line 125
    More: Hero, Phil Mickelson, Rancho Santa Fe, HSBC Champions, Torrey Pines Golf Course, La Quinta, Padres  
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3639 clicks; posted to Sports » on 21 Jan 2013 at 3:29 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-01-21 12:49:43 PM  
My heart pumps piss, Phil.
 
2013-01-21 01:00:02 PM  
The 42-year-old golfer said he would talk in more detail about his plans -- possibly moving away from California or even retiring from golf -- before his hometown Farmers Insurance Open, the San Diego-area event that starts Thursday at Torrey Pines.

i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.
 
2013-01-21 01:06:01 PM  
Boo-farking-hoo.
 
2013-01-21 01:08:04 PM  
I'm making so much money that I have to pay a few percent more, so I'm going to make no money whatsoever!  That'll show them.
 
2013-01-21 01:09:50 PM  
thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.


generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.
 
2013-01-21 01:13:13 PM  

WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.


that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.
 
2013-01-21 01:18:46 PM  

thomps: that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.



that's why decisions about raising taxes isn't as easy as just raising taxes.   wealthy people tend to be more portable and they have the means to pay people to help them figure out if it makes sense.
 
2013-01-21 01:24:49 PM  

thomps: WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.

that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.


Surprisingly few people choose to locate themselves here despite no income tax.  These people are just as dumb as you think.
 
2013-01-21 01:32:03 PM  
"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's 62, 63 percent,"

Horse shiat.
 
2013-01-21 01:33:39 PM  
I flipped over to the golf channel after the game last night and the guys were there talking about it. So take this FWIW. They said he made 47m last year with new tax rates his take home would have been 17m. I'm not saying I feel sorry for him, but that seems a little exorbitant.
 
2013-01-21 01:42:46 PM  
or he secretly torn a muscle and will retire rather than get beat.

/Arnie and Jack played in the high tax era. Phil, you're no Arnie or Jack.
 
2013-01-21 01:51:24 PM  

This is a late parrot: I flipped over to the golf channel after the game last night and the guys were there talking about it. So take this FWIW. They said he made 47m last year with new tax rates his take home would have been 17m. I'm not saying I feel sorry for him, but that seems a little exorbitant.


I guess he doesn't do any deductions for charitable giving or use any other legal loopholes to reduce his burden.

I have no problem with him moving out of state.  If he is having a hard time living on 17-20 million a year, move to Washington State.  Sure, it's rainy as hell but there is no state tax.  That will save him 13%.  Better than parking it in the Cayman's.

I'd like to think that if I was making 47 million dollars a year, I would happy to pay 30 million to help out the country that made it possible for me to make that much.
 
2013-01-21 02:01:29 PM  
Man who travels the world golfing for a living appalled by 3% tax increase.
 
2013-01-21 02:15:04 PM  

GAT_00: Surprisingly few people choose to locate themselves here despite no income tax.  These people are just as dumb as you think.


Tennessee? Oh hell no, you probably actually do have to stay in the state at least occasionally.

Las Vegas baby, free booze, nightlife, world class golf courses all over the place... that's how it's done
 
2013-01-21 02:18:38 PM  
You know what's weird?  If you flip Phil Mickelson's and Michael Collin's names,  they come out to be Phil Collins and Michael Mickelson.
 
2013-01-21 02:25:28 PM  

This is a late parrot: I flipped over to the golf channel after the game last night and the guys were there talking about it. So take this FWIW. They said he made 47m last year with new tax rates his take home would have been 17m. I'm not saying I feel sorry for him, but that seems a little exorbitant.


what would his taxes have been under the previous tax rates? my guess is only marginally more
 
2013-01-21 02:29:08 PM  
To which Tiger and Rory will shrug and keep playing.
 
2013-01-21 02:31:40 PM  

thomps: This is a late parrot: I flipped over to the golf channel after the game last night and the guys were there talking about it. So take this FWIW. They said he made 47m last year with new tax rates his take home would have been 17m. I'm not saying I feel sorry for him, but that seems a little exorbitant.

what would his taxes have been under the previous tax rates? my guess is only marginally more


Well, 5% of 30M is 1.5M, so I'm guessing he'd lose roughly that on the new Cali and US tax increases.  So because he would lose $1.5M, he's going to choose to lose $17M.

Logic.
 
2013-01-21 02:56:12 PM  
Well, gee Phil, I'm just tearing up here.

I'm a middle class guy in the 15% bracket yet 54% of my income disappears for taxes, health care, and retirement. Whine all you want rich kid turned rich golfer guy, but for most Americans it's not just income tax rates, but the huge junk the basics take out of every check.

And Phil, if you're actually paying that, what the fark man? Hire yourself a good tax attorney and he'll have your effective income tax rate down to 14% just like my pal Mitt.

After that, let's get together and review our shared misery over a beer.
 
2013-01-21 03:02:15 PM  
He plays a mean game of Galt.
 
2013-01-21 03:17:23 PM  
I thought he was a lefty.
 
2013-01-21 03:36:59 PM  
He makes millions of dollars a year for playing a silly game. fark him.
 
2013-01-21 03:39:50 PM  

AdolfOliverPanties: This is a late parrot: I flipped over to the golf channel after the game last night and the guys were there talking about it. So take this FWIW. They said he made 47m last year with new tax rates his take home would have been 17m. I'm not saying I feel sorry for him, but that seems a little exorbitant.

I guess he doesn't do any deductions for charitable giving or use any other legal loopholes to reduce his burden.

I have no problem with him moving out of state.  If he is having a hard time living on 17-20 million a year, move to Washington State.  Sure, it's rainy as hell but there is no state tax.  That will save him 13%.  Better than parking it in the Cayman's.

I'd like to think that if I was making 47 million dollars a year, I would happy to pay 30 million to help out the country that made it possible for me to make that much.


Maybe if he was creating a few jobs I would care, but since he is pissing and moaning instead, fark him.

/Tits Mickelson indeed
 
2013-01-21 03:40:36 PM  

Because People in power are Stupid: He plays a mean game of Galt.


Peaceboy: I thought he was a lefty.


this is why i still visit fark
 
2013-01-21 03:40:44 PM  
Instead of bringing home $22.46 million per year, Phil will bring home $18.46 million per year. For playing golf. This is so intolerable it requires drastic change. Nice Phil, nice.
 
2013-01-21 03:42:46 PM  
Yeah, man! I'll retire and start my own business and make some more investments which, if I'm lucky, will earn me maybe 30% of my normal yearly intake with my current profession. Take that, gubmint!
 
2013-01-21 03:43:00 PM  
When did Reginald VelJohnson become a golf analyst for ESPN?
 
2013-01-21 03:44:05 PM  
Do you get taxed extra for having biatch tits? Cause that's the only way he's getting to 62%. Probably adding in his caddy fee too.

/Buy a house in Florida and have your 'official' residence there dipshiat
 
2013-01-21 03:46:05 PM  

GAT_00: thomps: WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.

that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.

Surprisingly few people choose to locate themselves here despite no income tax.  These people are just as dumb as you think.


Except for the part where you have to live in Florida, the no income tax thing sounds great.
But, Florida. Ugh, forget that noise.
 
2013-01-21 03:50:22 PM  
[worldstiniestviolin.jpg]
 
2013-01-21 03:51:10 PM  
It's like he learned nothing from Payne.
 
2013-01-21 03:53:55 PM  

GAT_00: thomps: WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.

that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.

Surprisingly few people choose to locate themselves here despite no income tax.  These people are just as dumb as you think.


Florida had its own tag for a reason, and it's not the cost of living.

Why do I pay more to live in New England? Like divorce, it's worth it.
 
2013-01-21 03:56:58 PM  

thomps: The 42-year-old golfer said he would talk in more detail about his plans -- possibly moving away from California or even retiring from golf -- before his hometown Farmers Insurance Open, the San Diego-area event that starts Thursday at Torrey Pines.

i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.


I work in one state and live in another. I pay the tax rates of the state I live in.
 
2013-01-21 03:58:55 PM  
You aced that headline, subby.
 
2013-01-21 03:59:53 PM  

WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.


Own two homes, problem solved.
 
2013-01-21 04:00:42 PM  

Champion of the Sun: Do you get taxed extra for having biatch tits? Cause that's the only way he's getting to 62%. Probably adding in his caddy fee too.

/Buy a house in Florida and have your 'official' residence there dipshiat


He probably didn't figure out that he only pays social security tax on the first $110k which is a negligible fraction of his income. Though his marginal rate is over 50%, which is pretty high.
 
2013-01-21 04:01:42 PM  
The man pays over 60% of his income to support Uncle Sam and, by extension, some of you deadbeats. How much is enough??
 
2013-01-21 04:02:18 PM  
If the wealthy actually paid their taxes, instead of using (abusing) exemptions, loopholes, and shelters, I would have no problem keeping their tax rate the same.
 
2013-01-21 04:02:53 PM  

Abe Vigoda's Ghost: thomps: The 42-year-old golfer said he would talk in more detail about his plans -- possibly moving away from California or even retiring from golf -- before his hometown Farmers Insurance Open, the San Diego-area event that starts Thursday at Torrey Pines.

i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

I work in one state and live in another. I pay the tax rates of the state I live in.


You probably shouldnt be. You are supposed to pay tax where you work. However, if your home state residence has higher tax, you pay more as explained above.

You may want to check your tax returns for accuracy
 
2013-01-21 04:07:53 PM  

Orgasmatron138: If the wealthy actually paid their taxes, instead of using (abusing) exemptions, loopholes, and shelters, I would have no problem keeping their tax rate the same.


A guy just ran for president who wanted to kill those exemptions, loopholes and shelters in exchange for a lower overall rate. We just swore in the guy who wanted to keep this supposedly "abused" system in place.
 
2013-01-21 04:08:51 PM  

PapaChester: GAT_00: thomps: WhoIsPurpleGoo: thomps:
i don't understand either of those choices. state income taxes are taxed based on where the income is earned, not where the person lives, right? so he's taxed differently depending on where the tournaments are?

and retiring from making millions of dollars a year simply because your tax rates went up by like 5% is just stupid.

generally, you're taxed in your state of residence.  when you work out of state, that state wants their cut of taxes so they tax you.  your state of residence will give you a nonresident credit up to the amount you pay the other state, as long as it doesn't exceed the amount you pay to your home state.

example:  you live in CA, but earn $100k of income in AZ.  for simplicity of calculations, the CA tax rate is 10% and the AZ tax rate is 7%.  You will have a tax liability to AZ of $7k and a tax liability to CA of $10k.  However, CA will allow you a $7k credit against your $10k liability.  At the end of the day, you owe AZ $7k and you owe CA $3k.  You will always pay, in total, the highest percentage.

for someone who earns money all over the world, he'd be pretty foolish to remain a resident of CA.  that's why there are a ton of professional golfers who live in FL.

that makes sense, thanks.  under those conditions, i'm not sure why anyone with a portable income would claim residence in a state with an income tax.

Surprisingly few people choose to locate themselves here despite no income tax.  These people are just as dumb as you think.

Except for the part where you have to live in Florida, the no income tax thing sounds great.
But, Florida. Ugh, forget that noise.


And from what I understand, Florida has a fairly high real estate and property tax. States that don't have income tax make up for it somewhere else.

JC
 
2013-01-21 04:09:09 PM  
is his plan to choke away majors to keep income down? He's been doing that for years. Clever way to cheat the IRS, biatch-tits.


Not a Phil fan
 
2013-01-21 04:11:16 PM  

JoeCowboy: And from what I understand, Florida has a fairly high real estate and property tax. States that don't have income tax make up for it somewhere else.


True. Texas has a higher property tax too. They also rely heavily on fees and franchise business taxes. On the bright side, higher property taxes tend to go to local improvements in a more responsive manner.
 
2013-01-21 04:13:56 PM  
justtray:  Own two homes, problem solved.


not that easy.  still need to prove you're a resident of one state versus another.  having his wife and kids in California would make it tough to claim that you live in Florida.  most states have residency tests.
 
2013-01-21 04:14:04 PM  

AdolfOliverPanties: "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's 62, 63 percent,"

Horse shiat.


Complete horse shiat. Social Security taxes are the same whether he makes 99k or 99M
 
2013-01-21 04:15:16 PM  

SilentStrider: To which Tiger and Rory will shrug and keep playing.


both are residents of Florida, so any state tax liability for them would be significantly less than Phil
 
2013-01-21 04:16:51 PM  

chapman: Orgasmatron138: If the wealthy actually paid their taxes, instead of using (abusing) exemptions, loopholes, and shelters, I would have no problem keeping their tax rate the same.

A guy just ran for president who wanted to kill those exemptions, loopholes and shelters in exchange for a lower overall rate. We just swore in the guy who wanted to keep this supposedly "abused" system in place.


...none of which he would identify in advance so...bullshiat
 
2013-01-21 04:18:34 PM  

chapman: Orgasmatron138: If the wealthy actually paid their taxes, instead of using (abusing) exemptions, loopholes, and shelters, I would have no problem keeping their tax rate the same.

A guy just ran for president who wanted to kill those exemptions, loopholes and shelters in exchange for a lower overall rate. We just swore in the guy who wanted to keep this supposedly "abused" system in place.


Please tell me you're joking.

The guy who paid 0% tax for undisclosed number of years, got someone thrown in prison for stealing said returns, was going to close the loopholes that allowed him to do so for the benefit of the country?

Man Romney supporters were gullible. And naive.
 
2013-01-21 04:20:23 PM  

Dawg47: chapman: Orgasmatron138: If the wealthy actually paid their taxes, instead of using (abusing) exemptions, loopholes, and shelters, I would have no problem keeping their tax rate the same.

A guy just ran for president who wanted to kill those exemptions, loopholes and shelters in exchange for a lower overall rate. We just swore in the guy who wanted to keep this supposedly "abused" system in place.

...none of which he would identify in advance so...bullshiat


The crazy thing is I think that dude is serious. This is the type of logical backflips required to vote for Romney on balancing the budget. This was an amazing look inside the mind.
 
2013-01-21 04:20:37 PM  
you have pee hands: Champion of the Sun: Do you get taxed extra for having biatch tits? Cause that's the only way he's getting to 62%. Probably adding in his caddy fee too.

/Buy a house in Florida and have your 'official' residence there dipshiat

He probably didn't figure out that he only pays social security tax on the first $110k which is a negligible fraction of his income. Though his marginal rate is over 50%, which is pretty high.


Dude's marginal rate on income alone is 53%. I don't think it's unreasonable to assume that another 10% goes in to sales tax, property tax, school tax, fuel tax, and any of the other hundred small taxes people pay ever day without noticing. Also, I'm not sure about winnings in other countries, but I'm sure the EU gets a taste of that, too.
 
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