Ever since I left my beloved Texas I have been dreading filing my taxes. Although I’m not rich I imagine that’s how Phil Michelson is feeling at this moment. Michelson has a network of 150 million dollar, but in order to keep every shiny cent in his pocket he is considering moving to another state or walking away from golf altogether.
California voted to increase taxes on incomes over $1 million in November, and that may have swayed Michelson into exploring alternative living situations. It’s reported that Michelson made roughly $60 million in 2012, and under the new law he would receive a tax increase of more than $1.8 million dollars -via FoxNews.
“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.”
I can’t say I blame him, but as a California resident this is the price you pay to wake up every morning to perfect weather, beautiful woman, tall palm trees, and houses on hills. I wouldn’t retire however. Make your money playing golf, but make sure you invest in property in a state with no state taxes. Remember everything is bigger in Texas, except taxes.
Since airing his personal opinion about his taxes, Mickelson has released a comment via 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.
Lesson learned, no one wants to hear a millionaire complain about losing money half of America would never see in a lifetime.