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View Diary: Multimillionaire golfer Phil Mickelson sorry for lamenting his mere eight-figure disposable income (199 comments)

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  •  he would never retire (5+ / 0-)

    He plays golf to win tournaments and not the money. The money issue comes with his outside income. Income from golf tournaments is a small part of his income.
    Golfers are independent contractors and can write off all travel expenses and lodging, even their equipment. You need a good accountant because you have to pay state taxes to many states.
    CA is sticking it to the rich and getting their finances finally straightened out.

    •  He plays golf to hang on (1+ / 0-)
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      LilithGardener

      Until he's 50 and can move to the senior tour, where they still make money but nobody is really chasing after them to knock them out of the top spot.

    •  and what's more (1+ / 0-)
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      LilithGardener

      he's complaining about his social security tax which, in case his accountant hasn't told him, caps out at 6% around 110K, which is about January 4th with that income.  And is he going to file for SS when he turns 67 despite his millions in investment income?  Probably.

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