Professional golfer Phil Mickelson may be the winner of the British Open, but he’s the loser when it comes to California’s and the United Kingdom’s tax laws.
“Thanks to some hefty taxes in England and California, where Mickelson resides, estimates have Lefty only bringing home around 40 percent of the $1.4 million that he earned at Muirfield,” Yahoo! Sports reports.
The U.K. will take roughly 50 percent of Mickelson’s winnings ($628,900) while California will take about 13.3 percent ($192,300), ESPN reports.
When all is said and done, and other smaller taxes are taken out of Mickelson’s $1.4 million award, he’ll be left with roughly $569,707.
It appears Mickelson wasn’t kidding when he complained in January about his tax rates.
“It’s been an interesting offseason,” Mickelson said after the final round of the Humana Challenge. “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.”
“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,” Mickelson said. “So I’ve got to make some decisions on what I’m going to do.”
He later apologized for his remarks because some people saw them as “polarizing.”
“Finances and taxes are a personal matter, and I should not have made my opinions on them public,” Mickelson said in a statement. “I apologize to those I have upset or insulted, and assure you I intend not to let it happen again.”
Still, regardless of his apology, Mickelson does have to deal with some pretty hefty taxes. And he’s not the only pro golfer with this issue.
“Lefty isn’t the only high profile golfer to gripe about California’s taxes. Tiger Woods says he too moved out of California to avoid the exacting toll of taxes,” Yahoo! Sports notes.
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