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View Diary: Oh Noes!!--Phil Mickelson (R-Golf) Might Retire, Citing (Incorrectly) Tax Hikes on Top 1%--Boo-hoo. (302 comments)

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  •  Oh yes, (1+ / 0-)
    Recommended by:
    Ian Reifowitz

    he'll be quite the model of a 'rational actor' in the parlance of your economic-speek, VClib, because it "makes no sense" for him to pay California income taxes.
    Of course all the while his wife and children will benefit from the resources and schools that us not so income fortunate citizens of California will have provided with our taxes.

    "When I see I am nothing, that is wisdom. When I see I am everything, that is love. My life is a movement between these two." - Nisargadatta Maharaj.

    by mkor7 on Mon Jan 21, 2013 at 09:51:10 AM PST

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    •  mkor - while Mickelson is living here in CA (0+ / 0-)

      he is certainly paying more than his share of taxes to the State of California as compared to the resources his family uses. We will be sorry to see him go. I estimate he pays $3-5 million in state income taxes. Although he grew up in a middle class family, Phil went to private school so my guess is that for security, and other reasons, his children may not attend public school.

      "let's talk about that"

      by VClib on Mon Jan 21, 2013 at 01:43:35 PM PST

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      •  Without government and the rule of law (1+ / 0-)
        Recommended by:
        mkor7

        There is no PGA tour. Or paper wealth. Mickelson and those of great wealth reap great benefits from the security for their property that government provides by maintaining the order necessary for a complex capitalist economy to function.

        •  Ian - the same security, order (1+ / 0-)
          Recommended by:
          nextstep

          and infrastructure are available to all US citizens in Florida, Nevada, and Texas. Washington, Alaska and South Dakota also have no state income tax but are not as good a place for a PGA professional to live. With the exception of athletes who play on teams in CA few other professional athletes live here, particularly those with large endorsement incomes. The economic benefits of living in a no tax state are just too compelling and they all have top tax advisers. Phil isn't going to give up playing golf so he will be paying higher federal income taxes. The easy thing to change is his state of residence for tax purposes and that's what he will do. That will save him $3-5 million a year of state income tax.  

          "let's talk about that"

          by VClib on Mon Jan 21, 2013 at 03:25:27 PM PST

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          •  But he won't move his kids out of school (1+ / 0-)
            Recommended by:
            mkor7

            Unless he's an incredible jerk. I just don't see it.

            •  He might wait until the end of the school year (1+ / 0-)
              Recommended by:
              nextstep

              My guess is that his children are in private school and he will be able to duplicate their education anywhere he chooses to live. His kids could come back to their home in California on holidays and during summer vacation. Phil has his own airplane so they could even come back on weekends to play with friends. I don't think he will sell his CA home. After the statement he made I would be surprised if he didn't move.

              "let's talk about that"

              by VClib on Mon Jan 21, 2013 at 03:55:09 PM PST

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              •  After tax income is 30% higher in no income tax st (1+ / 0-)
                Recommended by:
                VClib

                If his net tax rate on income in CA is 57%, whatever income he can move out of CA to a no income tax state is 30% greater than what stays in CA.

                A significant incentive to move.

                The most important way to protect the environment is not to have more than one child.

                by nextstep on Mon Jan 21, 2013 at 04:36:55 PM PST

                [ Parent ]

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