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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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  •  What about them? (1+ / 0-)
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    Ian Reifowitz

    His income taxes are at a maximum federal rate of 39.6%, medicare tax at 3.8%, and top CA income tax rate of 13.3%.  State taxes are deductible.  He won't be paying the net investment tax on his tour earnings or endorsement income.  So his overall top income tax rate is 51.4%, which isn't close to his claimed 62-63%.  He does cite social security and unemployment, but those are on a tiny fraction of his income--and that's the portion on which he does not pay the top rates .  And property taxes, which are a minimal burden in California, also would not add to his marginal rate as they would be buried in his lesser-taxed income (as well as being deductible).  As for sales taxes, I suppose they could add up, but it still doesn't add up.

    "Well, I'm sure I'd feel much worse if I weren't under such heavy sedation..."--David St. Hubbins

    by Old Left Good Left on Mon Jan 21, 2013 at 10:23:57 AM PST

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