$300M Worth Phil Mickelson Once Had a Bold Opinion About the Soaring Tax Rates
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via Reuters
Golf – The inaugural LIV Golf Invitational – Centurion Club, Hemel Hempstead, St Albans, Britain – June 10, 2022 Team Hy Flyer’s Phil Mickelson of the U.S. during the second round REUTERS/Paul Childs
Apart from being considered one of the greatest golfers, Phil Mickelson also happens to find himself on the list of the highest earners of the game. With such enormous earnings, it is quite apparent that Lefty has to pay a gigantic amount of taxes too. Throwback to 2013, when Mickelson criticized the soaring tax rates in the United States and made a bold claim about the decision.
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Mickelson currently enjoys a 9-figure contract with LIV Golf. Nonetheless, it doesn’t outshine the earnings the golfer made during his PGA Tour days. The tax amount paid by the 52-year-old must be quite high during his days on the American Tour, as he had earned nearly $95 million in career earnings alone.
In 2013, the tax rates were increased on the high earners. It was the largest hike since 1950. Being an affluent earner himself, Phil Mickelson decided to share his thoughts on inflation.
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Phil Mickelson reacts to hike in tax rates
While participating in the 2013 Humana Challenge, Mickelson mentioned that the inflation was forcing him to make “drastic changes”. He also suggested that he would leave either golf or his home in California.
via Reuters
Golf – The inaugural LIV Golf Invitational – Centurion Club, Hemel Hempstead, St Albans, Britain – June 9, 2022 Team Hy Flyers Phil Mickelson of the U.S. during the first round Action Images via Reuters/Paul Childs
Phil claimed that he paid a tax rate of 62 to 63 percent. He also revealed that he had some major decisions to make. Mickelson said, “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. So I’ve got to make some decisions on what I’m going to do”.
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Many accountants called out the golfer by stating that it was unlikely that Mickelson was paying a tax rate above 60 percent. They believed that Lefty’s real rate was closer to 50. Nonetheless, Mickelson’s comments on the hike in tax rates sparked controversy.
Though Mickelson apologized for his comments, he didn’t retreat from his words. “Finances and taxes are a personal matter and I should not have made my opinions on them public,” Phil said in a statement. “I apologize to those I have upset or insulted and assure you I intend to not let it happen again”.
Currently, Phil Mickelson was placed as the highest-paid golfer of 2022 by Forbes, thanks to his move to LIV Golf. The golfer may have to pay a lot more in taxes since there hasn’t been much of a difference in the rates in the past 9 years.
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What do you think about Mickelson’s comments? Share your thoughts in the comment section below!
Watch This Story: Phil Mickelson Once Got Into a Heated Argument With a Reporter
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Written by:
Edited by:
Manaal Siddiqui
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