New tax laws have Phil Mickelson teed off.
The wealthy pro golfer — known as “Lefty” on the golf circuit — threatened to make some “drastic changes” because of federal and state tax hikes that are crimping his style.
“There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn’t work for me right now,” the San Diego native said at the conclusion of a tournament at La Quinta Country Club in La Quinta, Calif.
Mickelson, 42, alluded to the possibility that the 22nd -ranked golfer — who has a net worth of $180 million and earned roughly $47 million last year, according to Forbes — may leave California.
AP
Phil Mickelson
“So I’ve got to make some decisions on what I’m going to do,” said the four-time major golf championship winner to reporters Sunday.
“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 noted.
Tax changes made to close the gap on a $700 million budget shortfall in California have irked wealthy residents, compelling more to mull leaving the state, said managing shareholder Betty Williams at Williams & Associates.
“Many [high earners] are stuck with a tax liability that they didn’t really help create,” Williams said. “Mickelson has to consider where he’s getting his value for his taxes.”
Mickel$on tax: What the putt?
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Mickel$on tax: What the putt?
