Author Topic: Phil Mickelson says changes coming because of taxes  (Read 1078 times)

0 Members and 1 Guest are viewing this topic.

Offline DCPatriot

  • Hero Member
  • ****
  • Posts: 32,823
Phil Mickelson says changes coming because of taxes
« on: January 21, 2013, 10:57:27 AM »
Phil Mickelson says changes coming because of taxes
Kyle Porter




Phil Mickelson says changes are coming because of taxes and how they affect his family. Is Lefty considering retiring? He won't turn 43 until June.

Scott Michaux first reported that Mickelson said he was considering retirement after his final round Sunday at the Humana Challenge.

You should read his entire transcript. I've picked out a few of the more interesting quotes below.

Q: When you're asked about Stricker's semi-retirement, with the political situation the last couple months ... what did you mean by that? Do you find it an unsettling time in a way?

Phil Mickelson:

    Well, it's been an interesting offseason. 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.

Q: Meaning leaving from California?

Mickelson:

    I'm not sure.

Q. Moving to Canada?

Mickelson:

    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.

Q: So why do you say next week? What is going to happen so drastic next week?

Mickelson:

    No, but I'll probably be in the media center and I'll probably be a little more open to it because San Diego is where a lot more things, it's where I live, it's where the Padre thing was a possibility, and it's where my family is. And it just seems like a better fit than right here off of 18 on Palm Springs.

Q: Is it a stance that you are taking because on the one hand, you've made a lot of money, and no matter how much they take out, you are left with a lot of money?

Mickelson:

    Yeah. I'll probably go into it more next year or next week. But if you add up, 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. So I've got to make some decisions on what I'm going to do.

Again, check out Michaux's post for the rest of the transcript -- he references the PGA Tour retirement plan and how it plays into this as well.

And you guys thought Tiger Woods' 2013 PGA Tour debut was going to dominate the news next week.

http://www.cbssports.com/golf/blog/eye-on-golf/21589838/phil-mickelson-might-be-considering-retirement


++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - Iowahawk

Offline DCPatriot

  • Hero Member
  • ****
  • Posts: 32,823
Re: Phil Mickelson says changes coming because of taxes
« Reply #1 on: January 21, 2013, 10:58:50 AM »

Quote

Q: Is it a stance that you are taking because on the one hand, you've made a lot of money, and no matter how much they take out, you are left with a lot of money?



What kind of question is THAT?    :shrug:
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - Iowahawk

Online mountaineer

  • Member
  • Hero Member
  • ****
  • Posts: 36,530
Re: Phil Mickelson says changes coming because of taxes
« Reply #2 on: January 21, 2013, 11:05:42 AM »
Mr. M had on the Golf Channel this morning, and he said the commentators (Tim Rosaforte, in particular) were just incensed that Phil would dare say such a thing, especially on MLK/Inauguration Day. Only a braindead lib would believe it's an insult to M.L. King Jr. to consider living where taxes are lower. As for Inauguation Day, what do they expect? It's the idiot Obama who's driving Phil and other wealthy people to such a decision.
A day without sunshine is like, you know, night.

Offline Relic

  • Hero Member
  • ****
  • Posts: 4,967
Re: Phil Mickelson says changes coming because of taxes
« Reply #3 on: January 21, 2013, 11:19:17 AM »
Mr. M had on the Golf Channel this morning, and he said the commentators (Tim Rosaforte, in particular) were just incensed that Phil would dare say such a thing, especially on MLK/Inauguration Day. Only a braindead lib would believe it's an insult to M.L. King Jr. to consider living where taxes are lower. As for Inauguation Day, what do they expect? It's the idiot Obama who's driving Phil and other wealthy people to such a decision.

I'm disturbed, distressed, and just flat out ticked off at some of the response to Mickelson's plans. Somehow, somewhere along the way, liberals have decided that government is not only good, but wise. That kind of delusion is what leads to tragedies in socialist/communist states.

Here's a clue, Phil Mickelson will do better things with his money than the government will. Every dollar that goes to the government is ravaged by politicians in the form of pork.

There really is no hope for America.

Online mountaineer

  • Member
  • Hero Member
  • ****
  • Posts: 36,530
Re: Phil Mickelson says changes coming because of taxes
« Reply #4 on: January 21, 2013, 12:35:36 PM »
Agreed, Relic, and what strikes me is that the libs seem to believe that no one should have the right to decide where to live if tax rates are driving the decision. Not sure why Phil and family should be forced to live in California, but there you are.

Phil already does much wiser things with his money than gubmint. He's one of the most generous guys in sport.
A day without sunshine is like, you know, night.

Online Oceander

  • Technical
  • Hero Member
  • ****
  • Posts: 47,418
  • Chief Dork
Re: Phil Mickelson says changes coming because of taxes
« Reply #5 on: January 21, 2013, 01:09:35 PM »
Expatriation.  As a golf pro, once he's expatriated and paid the exit tax (marking all assets to market and paying tax on the net appreciation), he can continue to come play in the US and, so long as he does most of his activities offshore - such as publicity, sponsorship, advertising, etc - the only portion of his income that will be subject to US tax - and then only at the rate of 30% for federal taxes - will be the actual purses he wins.

For individuals (and businesses) with the means, tax planning to minimize one's US taxes - without necessarily minimizing the income one earns that comes from the pockets of ordinary Americans - especially for people such as Mr. Mickelson who earn large sums of money from individual services over which they have a lot of control (i.e., not ordinary wage slaves or service industry workers), is quite feasible.

Basic choices can also be made by deciding whether to treat Mr. Mickelson as an employee - e.g., by setting up a corporation that actually makes the contracts for his services - or by deciding to treat his activities as the carrying on of his trade or business in the US.  In the latter situation, his golf winnings would be income effectively connected with a US trade or business (so-called "ECI"), in which case he can deduct the expenses related to that income in determining his US tax liability.  Again, however, so long as he remains a nonresident alien individual (i.e., not a citizen or greencard holder, and with less than 183 days of physical presence in the US), the only income subject to US tax would be his net ECI - meaning that, once again, the other income he earns from appearances and the like that he conducts offshore would remain free of US tax.

In fact, not only would a substantial portion of Mr. Mickelson's income from personal services become free of US tax, with just a little rejiggering all or substantially all of his investment income could become free of US tax - nonresident alien individuals who buy and sell securities in the US markets for their own account (i.e., they're not in the trade or business of buying and selling securities in the US markets) are not subject to US tax on their net gains, even if they make all of their gains from buying and selling the shares of American companies doing business solely in the US and selling primarily to US customers.

Remember the facebook founder who expatriated right after facebook went public?  Just like that.  There are going to be a lot of people - wealthy people - who will be expatriating solely for tax reasons.  And as they expatriate, the tax base shrinks considerably.

Offline Rapunzel

  • Hero Member
  • ****
  • Posts: 71,719
Re: Phil Mickelson says changes coming because of taxes
« Reply #6 on: January 21, 2013, 01:15:29 PM »
What is to stop him from moving to the new country within a country being built in Central America -- the one that vows to only follow the US Constitution...... great climate and I'm sure they will have some great golf courses.

Offline DCPatriot

  • Hero Member
  • ****
  • Posts: 32,823
Re: Phil Mickelson says changes coming because of taxes
« Reply #7 on: January 21, 2013, 04:32:35 PM »
I'm also wondering if the tour venues will increase the purses to include the tax liability to the Fed and State?

Treat them like winners in casinos, racetracks, etc., take the tax out upon payment to the winner.

Afraid that with a stroke of a pen, the government will eliminate loopholes.


I recall during the Vietnam War, there was a popular slogan...once which I used in posters and bumper stickers.   "America - Love it or Leave it!"   Perhaps it's time to dust it off.  LOL!
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - Iowahawk

Offline Scottftlc

  • Hero Member
  • ****
  • Posts: 4,806
  • Certified free of TDS
Re: Phil Mickelson says changes coming because of taxes
« Reply #8 on: January 21, 2013, 04:42:40 PM »
Somehow, somewhere along the way, liberals have decided that government is not only good, but wise.


Wise?  They think government (as constructed and managed by them) is God.  Everyone's God.
Well, George Lewis told the Englishman, the Italian and the Jew
You can't open your mind, boys, to every conceivable point of view

...Bob Dylan

Offline DCPatriot

  • Hero Member
  • ****
  • Posts: 32,823
Re: Phil Mickelson says changes coming because of taxes
« Reply #9 on: January 22, 2013, 12:07:21 PM »
http://blogs.golf.com/presstent/2013/01/phil-mickelson-apologizes-for-comments-on-taxes.html?sct=hp_t2_a12&eref=sihp

Phil Mickelson apologizes for tax comments


"I know I have my usual pre-tournament press conference scheduled this week but I felt I needed to address the comments I made following the Humana Challenge now.

"I absolutely love what I do. I love and appreciate the game of golf and the people who surround it. I'm as motivated as I've ever been to work on my game, to compete and to win championships.

"Right now, I'm like many Americans who are trying to understand the new tax laws. I've been learning a lot over the last few months and talking with people who are trying to help me make intelligent and informed decisions. I certainly don't have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family.

"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."
++++++++++++++++++++++++++++++++++++++++++++++++++++++++


Fear of sponsor/spokesperson backlash perhaps?
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - Iowahawk

Offline evadRē

  • Hero Member
  • ****
  • Posts: 3,197
Re: Phil Mickelson says changes coming because of taxes
« Reply #10 on: January 22, 2013, 12:18:16 PM »
http://blogs.golf.com/presstent/2013/01/phil-mickelson-apologizes-for-comments-on-taxes.html?sct=hp_t2_a12&eref=sihp

Phil Mickelson apologizes for tax comments


"I know I have my usual pre-tournament press conference scheduled this week but I felt I needed to address the comments I made following the Humana Challenge now.

"I absolutely love what I do. I love and appreciate the game of golf and the people who surround it. I'm as motivated as I've ever been to work on my game, to compete and to win championships.

"Right now, I'm like many Americans who are trying to understand the new tax laws. I've been learning a lot over the last few months and talking with people who are trying to help me make intelligent and informed decisions. I certainly don't have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family.

"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."
++++++++++++++++++++++++++++++++++++++++++++++++++++++++


Fear of sponsor/spokesperson backlash perhaps?

Good for you Phil. Millions of others have done the same on a larger and smaller scale.
Obama and his sycophants have ruined everything and YOU are the people they blame for all their malfeasance and misfeasance.
O'Malley has done the same to Maryland, driven the high income earners out in droves.
November 6, 2012, a day in infamy...the death of a republic as we know it.

Online mountaineer

  • Member
  • Hero Member
  • ****
  • Posts: 36,530
Re: Phil Mickelson says changes coming because of taxes
« Reply #11 on: January 22, 2013, 01:43:05 PM »
No reason to apologize. Maybe no reason to have mentioned the subject in the first place, but certainly no reason to apologize for doing so.
A day without sunshine is like, you know, night.


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf