Old 01-28-2013, 12:08 PM
Ronn Burgandy
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Join Date: Oct 2010
Location: Where the wild things are
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Originally Posted by Johnny Dreamer View Post
So his last million was taxed at what, 35%?
By the Feds, yeah, or now 39% or something. But then there's the California state of 13% or so. Then there's 2.9% for Medicaid. He's self employed, so there's 10% for SS. Oh wait, clearly he's already earned $106k this year, so scratch that part.

So 39+13+2.9=60 now?

And of course, Phil is the first and only self employed guy in history to not take any deductions. It's not like travel costs anything in his business. He probably flies coach. His private jet doesn't cost anything. Or memberships. Or swing coaches. All free.

And of course, Phil just takes his cash and stuffs it in his mattress. He doesn't invest any of it, unless you count betting on the NFL.
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