Phil Mickelson and taxes

Discussion in 'Too Hot for Swamp Gas' started by g8orbill, Jul 23, 2013.

  1. gator996
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    gator996 New Member

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    If you haven't noticed Obama lowered your federal tax rates
    (or at least made Bush's permanent)

    You've paid less taxes over Obama's 1st 5 years than you would have otherwise....

    He cut your taxes to get the economy going after Bush & Co. wrecked it.


    What's funny is that you think all countries are the same so tax systems can be compared apples to apples that way....
  2. neisgator
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    neisgator Belligerent Gator

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    The dishonesty that oozes from your posts is something else.

    Signed,

    The tax cheatingest(my new word) administration(Obama) in history
  3. secgator
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    secgator Well-Known Member

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    I see you've been talking to fred. The wealth envy thing is contagious huh?
  4. gatordowneast
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    gatordowneast Well-Known Member

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    Yeah, Obama is a real tax cutter. And a real small government guy. And a real uniter. And the easter bunny is real!
  5. wygator
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    wygator Well-Known Member

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    If he's earning $50 million, then the Cali tax rate is $6.65 million.

    I think his savings would easily offset whatever the difference is in property taxes by moving to Florida.
  6. tegator80
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    tegator80 Well-Known Member

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    We have always had a regressive tax system (get more from those who have more than they "need"). The real question is why do we believe that the rich are a bad idea and that giving more to the Government is a good idea? We continue to believe that the Government is in the benevolent service business and they are better equipped to take care of the underprivileged than charitable organizations or community based non-profit/church organizations. That is a HUGE change from our past and history says it won't end well.
  7. neisgator
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    neisgator Belligerent Gator

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    Property taxes in Florida aren't that bad.
  8. gator996
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    gator996 New Member

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    I structure Eurodollar facilities for US corporations for a living....

    Before you blowhard about dishonesty... maybe you should know what you're talking about.
  9. gator996
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    gator996 New Member

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    Its not wealth envy....its the truth.


    You think the super-wealthy keep all of their money in the US? :laugh:


    Do you also believe in the tooth fairy?
  10. gator996
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    gator996 New Member

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    Did Obama cut your taxes or not?
  11. g8orbill
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    g8orbill Gators VIP Member

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    I am not outraged over what Phil paid as it goes with the territory of what he does- I posted it because I was dumbfounded over how much he is paying on these winnings- as I stated he could save almost a quarter million in taxes by moving out of Cally- it is his choice to live there
  12. gator996
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    gator996 New Member

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    http://positivecashflowrealestate.blogspot.com/2008/09/property-taxes-florida-versus.html


    I was reading the Wall Street Journal (Personal Finance, D8) this morning and came across some residential properties for sale in California. The sale price, description of the property and notable items were all listed in the recap. Also listed were the property taxes, the values of which grabbed my attention.




    They were as follows:


    Kenwood, CA. Sale Price - $2.45m, Taxes - $28,500

    Healdsburg, CA Sale Price - $3.495 million, Taxes - $23,797

    Napa, CA Sale Price - $8.5 million, Taxes - $85,000




    The reason I found them to be so interesting was because, although I have always been told that California possesses some of the heaviest property taxes in the country, they seemed a bargain to me, living in Florida. For kicks and giggles, I compared them to similar valued properties in the county that I live, Hillsborough County, Florida. I ran the tax estimates using our county's tax estimating calculator (quite a nice feature, I might add) and the calculated values were as follows, respectively (MOL) : $50,000, $72,000 and $170,000. WOW! Roughly twice what our California brothers and sisters pay.





    http://money.cnn.com/2013/01/23/news/economy/mickelson-taxes/index.html






    NEW YORK (CNNMoney)

    There's no doubt that Phil Mickelson pays a lot in income taxes as a California resident, but it's not as much as he thinks.

    The champion golfer said this week he might have to move out of the Golden State because of recent hikes in federal and state taxes on the wealthy.





    "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," he was quoted as saying in Yahoo Sports. "So I've got to make some decisions on what I'm going to do."

    California recently became the state with the highest top marginal tax rate thanks to voters passing in November a temporary tax hike on wealthy residents.

    "California is beautiful, but we do have high taxes," said Gregg Wind, a partner at Wind & Stern, an accounting firm in Los Angeles. "That is a consideration for some folks."

    Mickelson's tax rate, however, is lower, according to the Tax Foundation and California tax experts. His winnings and endorsements, which Sports Illustrated pegged at nearly $61 million in its most recent annual estimate, subject him to the highest marginal rates for married couples. Here's what they consist of:

    -- A 39.6% top federal tax rate, up from 35%, on income above $450,000, thanks to the fiscal cliff deal passed by Congress on New Year's Day.

    -- A 12.3% top state tax rate, up from 9.3%, on income above $1 million.

    -- A 1% state mental health surcharge levied on incomes above $1 million.

    -- A 3.8% Medicare tax rate, which includes a new 0.9% Medicare surcharge on earnings above $250,000.

    But you have to consider that his state taxes are partially deductible from his federal taxes.

    Until recently, state and local taxes were fully deductible, but the fiscal cliff deal limited the amount the wealthy can deduct by as much as 80%. The Tax Foundation's calculation, however, is based on a typical millionaire's tax return, of which state and local taxes are a relatively small portion of the itemized deductions. Therefore, the foundation limits only a small portion of the deductibility of his state and local taxes.

    Overall, it leaves Mickelson with a top rate of less than 53%
  13. neisgator
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    neisgator Belligerent Gator

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    Maybe your post should make sense? Naw, that would ask too much
  14. gator996
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    gator996 New Member

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    I posted that Phil could keep that money offshore to avoid taxes and you called me dishonest....

    Doing that is part of my job so how am I being dishonest?
    :huh:
  15. shelbygt350
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    shelbygt350 Well-Known Member

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    The above re: real estate taxes and asking or sale prices is askew.

    First, a property is assessed based on the govt/county property appraisers' mass opinion of value, so it can be $1.0 but then the house is listed or sold 9 months later for $2.6 million. The prior taxes mean -0-. So whoever did this analysis is either uninformed or simply has lazy brain.
  16. gatorjd95
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    gatorjd95 Active Member

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    Not only that, but the assessed value for property tax is capped at max of 3% increase per year whereas the actual value could rise at a much greater rate. Thus, there are plenty of examples where someone buys a really nice house, lives there a long time, and the property taxes then seem rather de minimus. One of our neighbor's house could easily sell for $1.5m+, but it is assessed at only $500,000 because they've lived there 20+ years. A pretty good deal/investment versus constantly paying a high income tax each year where there is no return on payment - ever. Moreover, in the short term, if property values fall, the owner can get a downward adjustment of the assessed value. (I got such an adjustment a few years back). Thus, even in a down market, the property tax may not hurt as much. All other things aside, I'll take our higher property tax rate over the 13.3% Calif income tax.
  17. harwil
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    harwil Premium Member

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    As an employer, that sucks.How does an employer know about all an employee's income?
  18. gator996
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    gator996 New Member

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    What are you talking about?

    The California prices and property taxes are known and listed in the ads the writer saw.

    The Florida equivilents are from the county appraiser's est. tax calculator.


    What does prior taxes have to do with anything here?
  19. gator996
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    gator996 New Member

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    Phil isn't buying a $1 or 2 million home to live in....I would suspect some in the $10-20million range. Property taxes will be commensurate with that value.


    Yes, long term those property taxes could seem de minimus but the California income tax hike was only 3% and its only for 5 years.

    With those details...
    Now which one would you choose?

    I eagerly await Phil's announcement that he's moving... :roll:
  20. secgator
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    secgator Well-Known Member

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    Don't be so sure about the wealth envy thing---out of 105 post thread, you've got 22 of them...pretty strong at 21%+/- ratio. Something must have touched a nerve when the op by bill was merely stating that Phil is paying a high percentage in taxes and yet libs still whine.

    Must be tough being a lib, and having to watch others earn some serious dollars--pay some serious tax dollars on it---and yet STILL complain about it as if it isn't enough.:grin:

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