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Joined: May 2001
Posts: 7,412
Top 30 Poster
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OP
Top 30 Poster
Joined: May 2001
Posts: 7,412 |
Reports are that Phil will pay 61.12 percent of his earnings for winning the British Open. Now won't that remove the salt from your peanuts!
Ray E. Strode
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Joined: Feb 2007
Posts: 10,941 Likes: 3
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Joined: Feb 2007
Posts: 10,941 Likes: 3 |
That is a bummer! The UK collects taxes on non-citizens earning money in the UK. He won the Scottish Open and the British open with over $2 Million in earnings -- and 40-45% goes to the UK, 3% on some of it to SS/medicare and ~13% on some of it to California
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Joined: Apr 2006
Posts: 5,788
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Joined: Apr 2006
Posts: 5,788 |
The power to tax is the power to destroy!! (Chief Justice John Marshall) On Phil in case you missed this, I saw it on TV and was WOW!!! http://youtu.be/rfm7r0QbXyMI'm pretty sure this was on his birthday too!!!
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Joined: May 2006
Posts: 7,911 Likes: 1
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Joined: May 2006
Posts: 7,911 Likes: 1 |
And the US collects tax from non-citizens earning money in the US!
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Joined: Jan 2005
Posts: 13,325
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Joined: Jan 2005
Posts: 13,325 |
i think Phil should flip them the "birdie"!
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Joined: Sep 2003
Posts: 4,199
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Joined: Sep 2003
Posts: 4,199 |
That taxation sucks. But I think for Phil at this point in his life, it's more about the title than the money.
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Joined: Apr 2001
Posts: 19,579 Likes: 13
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Top 10 Poster
Joined: Apr 2001
Posts: 19,579 Likes: 13 |
California takes over 60% between Fed taxes and state taxes and local taxes in some jurisdictions... that is why many corporations flee the state to places like Texas who has no state tax at all.
Brian
Brian Austin Whitney Founder Just Plain Folks jpfolkspro@gmail.com Skype: Brian Austin Whitney Facebook: www.facebook.com/justplainfolks"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney "It's easier to be the bigger man when you actually are..." -Brian Austin Whitney "Sometimes all you have to do to inspire humans to greatness is to give them a reason and opportunity to do something great." -Brian Austin Whitney
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Joined: Nov 2011
Posts: 3,985 Likes: 22
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Joined: Nov 2011
Posts: 3,985 Likes: 22 |
Phil just needs to find a job in a lower tax bracket to avoid the high percentage of taxation--problem solved for him.......ok, of course that was a stupid remark but state legislatures pass their state tax laws don't they? None of us want to pay unfair taxes, but all of us should want to pay taxes that are reasonable. If you don't agree with your state's tax laws, move. If enough people would do that, the laws may change. Phil, being a celebrity knows that he'd get "flack" if he moved, which may not be good for his advertising career.
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Joined: Apr 2001
Posts: 19,579 Likes: 13
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Joined: Apr 2001
Posts: 19,579 Likes: 13 |
E,
If only that were true. High tax cities and states have been hemorrhaging businesses and higher earning (and tax paying) citizens to other states, sending jobs to other countries and sheltering money in other countries, something that companies associated with the government's "Jobs Council" set up by our President take advantage of profusely. (GE for example paid no taxes at all, Google paid low single digit % in taxes etc.). On top of that, GE shipped huge numbers of jobs overseas on top of paying no US taxes. So in truth, they had no positive impact as a corporation on TAXES in our country, even though they do business in all 50 states and all of our territories. No Taxes. And there are businessmen who are vilified because they do not want to pay 60%+ in personal taxes. You know who can't afford to move elsewhere to avoid those tax rates E? Poor people... but of course, nationwide, 47% of people pay no Federal taxes, but those folks who are the working poor? They do... which is why many have discovered they can live just as well or better off of food stamps, welfare, medicare and medicaid and other assistance programs than they can working, especially in those places where so much is taken in taxes. Phil can afford it.. he's earned 100's of millions of dollars so he's set, his kids are set and his grandkids are set and likely theirs as well. But working poor (anyone making 50K or less) get hammered. The average amount we (apparently us silly people working and paying taxes) pay for each person not working in benefits and money/food stamps etc. is approaching 50K per person. Yeah.. it's a shocking number but it explains why our real unemployment number is closer to 15-16% since they are not counting those who stop looking for jobs after weeks of unemployment run out, nor are they adding in the new workers entering the employment market each month/year.
So, it sucks for someone who ONLY gets paid on the Golf course if they perform (there's no Golf Failure to perform pay, you either make the cut after qualifying to play, or you get nothing) at the highest level in the world. If he was a stock trader or the owner of a government contractor he'd likely know how to protect most of his money and pay very little in taxes.
Brian Austin Whitney Founder Just Plain Folks jpfolkspro@gmail.com Skype: Brian Austin Whitney Facebook: www.facebook.com/justplainfolks"Don't sit around and wait for success to come to you... it doesn't know the way." -Brian Austin Whitney "It's easier to be the bigger man when you actually are..." -Brian Austin Whitney "Sometimes all you have to do to inspire humans to greatness is to give them a reason and opportunity to do something great." -Brian Austin Whitney
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Joined: Sep 2006
Posts: 1,633
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Top 200 Poster
Joined: Sep 2006
Posts: 1,633 |
If you want good roads... you pay taxes, if you want an honest police force/ law and order... you pay taxes, if you want fire brigade, defence force (that isn't about to take control of your country).. you pay taxes... If you want to reduce the amount you pay on Police, Fire brigade and defence force... you pay welfare (eg education, healthcare, housing, food and overseas aid... for those that don't have your good fortune) Every $1 you invest in welfare saves about $10 in each of the others, and if you invest it in kids before the age of 10 it's something like $1 saves $100... That is the price of living in society... I don't mind paying tax so much, its the paying politicians that I dislike... they should be on a productivity based wage and if caught with their hand in the till it should be taken off with their head... BTW I paid tax to the USA this year something like 36c in the dollar... admittedly I only earnt $17 in royalties but that was came to about $5 in tax... so I only got $12... hey but I got a royalty check (actually a royalty EFT Notice ) Cheers All
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Joined: Aug 2002
Posts: 7,044 Likes: 16
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Joined: Aug 2002
Posts: 7,044 Likes: 16 |
Death and taxes you can't escape,unless you are rich enough to hire lawyers and accountants to show you how, even then,you can't escape DEATH.
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Joined: Mar 2006
Posts: 370
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Joined: Mar 2006
Posts: 370 |
E,
........
So, it sucks for someone who ONLY gets paid on the Golf course if they perform (there's no Golf Failure to perform pay, you either make the cut after qualifying to play, or you get nothing) at the highest level in the world. If he was a stock trader or the owner of a government contractor he'd likely know how to protect most of his money and pay very little in taxes. Mickelson makes plenty of money off the golf course and he does have someone advising on finances. In fact not too long ago the proverbial [naughty word removed] hit the fan when he remarked about possibly moving to another state due to the high taxes in California. The uproar was tremendous, mostly not about the money, but his leaving what has been his home state for so long.
Get My Gear Here!"That ol' dog's so mean, he ain't done nothin' but eat nails and [naughty word removed] nickels ever since he was born"
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Joined: Jun 2013
Posts: 2,528
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Top 100 Poster
Joined: Jun 2013
Posts: 2,528 |
E,
........
So, it sucks for someone who ONLY gets paid on the Golf course if they perform (there's no Golf Failure to perform pay, you either make the cut after qualifying to play, or you get nothing) at the highest level in the world. If he was a stock trader or the owner of a government contractor he'd likely know how to protect most of his money and pay very little in taxes. Mickelson makes plenty of money off the golf course and he does have someone advising on finances. In fact not too long ago the proverbial [naughty word removed] hit the fan when he remarked about possibly moving to another state due to the high taxes in California. The uproar was tremendous, mostly not about the money, but his leaving what has been his home state for so long. Well nobody likes to pay 60% taxes no matter how much you make. But you're right, He would get most of his money from endorsements, these guys make so much money it's insane. From golf clubs, to balls, to tees, to gloves, to hats, to sneakers, to water, to sports drinks. Motivational speeches and appearances and events. Once you have a decent name in golf, the money you make is rediculos. Licensing and sponserships too. Even a one time qualifier can make alot of money off the course. Auto Racers make money the same way, even bowlers can make alot more from endorsements and appearances than actually winning a tourney. I dont think Michelson needs to ever play again, not unless he's got women taking his money like ole Tiger....
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"If one man can do it, any man can do it. It is true. But the real question is, if one man did it, are you willing to do what it takes to do it as well?" –Brian Austin Whitney
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