Professional golfer cites California tax policy as cause for dire outlook for his personal finances despite tens of millions in earnings.
A Monday story in the UT-San Diego told an interesting tale of the hardships faced by professional athletes living in California. These poor guys just don’t make enough money to survive, it seems, because the state and federal governments are taxing them to death!
I kid, of course, but apparently the passage of Prop 30 in last November’s election is enough to make some of California’s wealthier residents consider looking for someplace else to call home. Phil Mickelson, one of the world’s top professional golfers and a San Diego native—and local hero the stature of Tony Gwynn and the late Junior Seau—lamented in a press gaggle at a tournament in Palm Springs over the weekend that he was going to have to make some “drastic changes” in his lifestyle because of the way his rate of taxation is going up. He even decided to drop his bid to become part of the ownership group that recently purchased the San Diego Padres.
But revenues in the State of California had to be increased, and the voters spoke loud and clear when they decided to not only raise the marginal tax rates on the wealthiest state residents, but to raise the state sales tax, effectively spreading the pain to EVERYONE in the state, among other measures. [Read more…]











