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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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  •  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-)
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        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

        [ Parent ]

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