Phil Mickelson qualifies as “filthy” rich, earning nearly $50 million per year. Like many in his tax bracket, he expressed his frustration about being “targeted” by tax increases and told reporters he may consider “drastic changes.”
“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.
“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%. So I’ve got to make some decisions on what I’m going to do.”
Mickelson already apologized for the remarks. To be fair, he will be facing a hefty bill. His federal taxes will go up in 2013. California also approved state income tax increases, bringing the rate for millionaires to 13.3 percent. Were Mickelson to “drastically change” his permanent residence from California to state income tax-free Florida, he would save around $6.4 million per year. Uprooting can be rough, but we’re sure he would pull through.
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