Golf legend Phil Mickelson has a message for California politicos: Lower taxes, or I'm leaving.
Between federal and state tax increases, Mr. Mickelson estimates his new rate will leave him paying nearly 63 percent of his income. Californians recently voted in state tax increases via Proposition 30, which creates a new bracket for millionaires. Under the new law, those making more than $1 million will pay 13.3 percent, rather than 10.3 percent, in taxes.
For Mr. Mickelson, who earned $60 million last year, that's a jump of $1.8 million,
He currently lives in Rancho Santa Fe, but he could be pulling a Gerard Depardieu — the actor who fled France because of President Francois Hollande's push for a 75 percent tax rate on the wealthy. Likewise, Mr. Mickelson could find a new home, in a new state, that saves him money.
"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," Mr. Michelson said in a Fox News report. "So I'm going to have to make some changes."
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