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Mickelson Laments American Tax Structure
After closing with a 6-under 66 and finishing in a tie for 37th place in the Humana Challenge, earning $22,400, Phil Mickelson told reporters he was considering a move from California and maybe the U.S. to get away from high tax rates.
He even hinted at moving away from golf. "It's been an interesting off-season," he said at the tournament site in La Quinta, Calif. "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."
The 42-year-old, who grew up in San Diego and now resides in nearby Rancho Santa Fe, said he would further discuss his future plans this week at the Farmers Insurance Open, which starts Thursday at Torrey Pines in San Diego.
"I'm not sure what exactly I'm going to do yet," he told reporters. "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 it doesn't work for me right now."
In November, California voters approved the first statewide tax increase since 2004 and, to Mickelson, the tax hike is troublesome. "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," said Mickelson, who earned about $60 million in 2012 and whose tax increase would amount to more than $1.8 million.
"So I've got to make some decisions on what I'm going to do."
When asked if his decision to back out as a part-owner of the San Diego Padres was related to the tax increases, Mickelson responded, "Absolutely."