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Phil Mickelson makes a statement about high taxes then.....

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Phil Mickelson makes a statement about high taxes then.....

Old 01-28-2013, 05:30 PM
  #81  
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Not sure how this will look, but swag at making 60M with 5M business expenses to get around to the events, etc. End up paying about 50%. I didn't factor in SS as it drops out at a low enough number as to not impact the final answer much. It still criminal...

Gross 60,000,000
Bus Exp 5,000,000
Net 55,000,000
State Tx rate 13%
State Tax 715,0000
Medicare rate 2.9%
Medicare tax 1,595,000
Medicare surcharge 0.90%
Surcharge tax 495,000
Fed rate 39.50%
Fed Tax 18,900,750
Total Tax 28,140,750
Total Tax Rate 51%
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Old 01-28-2013, 05:39 PM
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Originally Posted by jzima View Post
Because you know even less about taxes than he does?
OMG, a yankee know it all. You guys are a dime a dozen. I will assure I would trust Phil's accountant more than some dude that sits on a fishing forum and brags about his accounting abilities.
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Old 01-28-2013, 07:26 PM
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So if Phil says his boat captain told him he gets 100 miles to the gallon at 25 knots and I called bullshit, who would you believe? Me or Phil's boat captain?
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Old 01-29-2013, 03:46 AM
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Originally Posted by Johnny Dreamer View Post

I would pay less too. My small savings would mean more to my financial welfare than to Phils. Should the whole country move to Florida?

Phil chooses to live in California. He was not complaining. The price to live in beautiful California is high. It can't be a massive surprise to him that taxes are going up in that state.
Yes, states should compete for capital. It creates efficiencies.
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Old 01-29-2013, 06:28 AM
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Originally Posted by CARV View Post
OMG, a yankee know it all. You guys are a dime a dozen. I will assure I would trust Phil's accountant more than some dude that sits on a fishing forum and brags about his accounting abilities.
So would I, but Phil's accountant didn't make the statement, now did he?
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Old 01-29-2013, 06:30 AM
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Originally Posted by Johnny Dreamer View Post
So if Phil says his boat captain told him he gets 100 miles to the gallon at 25 knots and I called bullshit, who would you believe? Me or Phil's boat captain?
CARV would believe Phil, as long as Phil told everyone that he gets 100 MPG at 25k.

Remember JD, Phil never said "my accountant said I pay XX%", he just said it himself.
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Old 01-29-2013, 06:34 AM
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Good point.

I'm surprised KPMG haven't come out and said either a) We don't do Phil's taxes b) Phil is clueless about his tax rate.
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Old 01-29-2013, 06:57 AM
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Originally Posted by jzima View Post
I for one said he should get a new accountant because clearly he doesn't pay 60%+ in taxes. The top 1% average about a 20% effective tax rate, unless the IRS is wrong.

The fact is, many people don't do their own taxes, and as a result, they don't even understand how our tax system works. Phil literally bitched about a fictional rate. He complained about something that exists only on paper. He may as well have complained that Harry Potter is a wizard and he isn't.

I honestly ydont think he needs a new accountant, I think he needs to get himself a tad bit educated.

That said, I don't understand why anyone that doesn't have to, would choose to live in California.
Phil was probably talking about his earned income and not what he makes off investments which is taxed at a lower rate. He makes 60 mil a yeear and has very little over head to write off so he very well could be paying that amount on earned income. Now his investments would be taxed at a lower rate but I don't think that was what he was talking about.
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Old 01-29-2013, 07:17 AM
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Originally Posted by fishingfun View Post
Phil was probably talking about his earned income and not what he makes off investments which is taxed at a lower rate. He makes 60 mil a yeear and has very little over head to write off so he very well could be paying that amount on earned income. Now his investments would be taxed at a lower rate but I don't think that was what he was talking about.
I figured the same, and still stand by the belief that he's not paying 60% + on those earnings. (winnings & sponsorships). As for his overhead, the man travels around in a $60,000,000 private jet. I'm guessing he doesn't search orbitz for his rooms. Butch Harmon at your beck and call? Probably not cheap. It'll cost us $6000 for 4 days with his "staff" and a 30 minute pop in by Butch himself.

I'm not arguing that whatever rate he pays is fair, because clearly it isn't. I'm merely stating the reality of it, that he doesn't pay 60+% on those earnings.
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Old 01-29-2013, 07:31 AM
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Originally Posted by jzima View Post

I'm not arguing that whatever rate he pays is fair, because clearly it isn't. I'm merely stating the reality of it, that he doesn't pay 60+% on those earnings.
Why are you so jealous of what he earns?

Communist.
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Old 01-29-2013, 07:39 AM
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Well, I am from Mass, so clearly I am afraid of every gun ever invented and party with Barney Frank at Fire Island.
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Old 01-29-2013, 08:09 AM
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My point is that you don't know jack shit about Phil or his finances and should therefore, quit acting like you do.
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Old 01-29-2013, 08:11 AM
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I pay 72% in income taxes.

This is fun.
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Old 01-29-2013, 08:12 AM
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Good for you Johnny, but I'm not sure that is quite your "fair share."
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Old 01-29-2013, 08:44 AM
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Originally Posted by CARV View Post
My point is that you don't know jack shit about Phil or his finances and should therefore, quit acting like you do.
No, that wasn't your point at all. If it was, why not just write this from the beginning? Are you just not very articulate, or do you simply believe everything you hear?
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Old 01-29-2013, 08:44 AM
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Originally Posted by Johnny Dreamer View Post
I pay 72% in income taxes.

This is fun.
I pay 105%.

Beat that.
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Old 01-29-2013, 08:52 AM
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You all should pay more, I need my fair share.....

I'm getting tired of working 50 and 60 hour weeks and somehow i gotta be able to get a free phone or sumpen.
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Old 01-29-2013, 08:55 AM
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Originally Posted by round2it View Post
You all should pay more, I need my fair share.....

I'm getting tired of working 50 and 60 hour weeks and somehow i gotta be able to get a free phone or sumpen.
Dayum! Don't we already help you pay for your house? Dat aint enough?
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Old 01-29-2013, 08:57 AM
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need to pimp my ride too. After dat, I'll be chillen
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Old 01-29-2013, 09:00 AM
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Originally Posted by round2it View Post
need to pimp my ride too. After dat, I'll be chillen
I'll talk to some of my peeps. See if we can't get some tax breaks for spinners, hydro, and tint in the next logrolled bill.
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