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Higher Taxes may force Phil Mickelson into Retirement

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[quote name='gospodin shuttlesworth' timestamp='1358818534' post='2109644']



let us all weep for some dipshit professional golfer
[/quote]

Curious how much you know about Mickelson... I realize its your schtick to immediately play the "I'm an asshole, lets call names" card, but he's actually a pretty damned good guy. He gives a ton to charities and like pretty much everyone else except you, Delhommey and Panthro, he prefers not to give large chunks of his money to the government and instead choose who he gives it to...

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the govt is the all knowing all understanding frugal steward of our money. they are our savior. just ask Newsweek.

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[quote name='longtriad' timestamp='1358819428' post='2109674']
You hear about corporations moving out of the US every day. Surely making his $$$ he'd be incorporated.
[/quote]

[quote name='Davidson Deac II' timestamp='1358820666' post='2109721']
That is the perception, but its not necessarily the reality. Relatively speaking, very few companies move their hq from one country to another. And outsourcing is not as popular as it use to be. The rising cost of transportation has leveled the playing field to an extent.
[/quote]

I know what you are saying but it still doesn't matter.

Phil can incorporate his LLC in Cayman Islands (which is a tax free haven) for example and he still has to pay tax on the income he earns in the united states. Maybe there is someway that Phil could set up as a C-Corp and leave his international earnings overseas...but as soon as he repatriates that money it gets taxed.

I'm an S-Corp and if my accountant could find me a legal way to hide money in Bermuda I would do it in a second. Let me know if you know a way.

And he can't simply renounce his citizenship. The US makes it very difficult and you will still have a huge tax bill.

Companies can move out of the US if they like but it doesn't affect US tax Burden. GE has a headquarters in Ireland and Bermuda and pretty much everywhere so that it can move it's overseas income around. Google "double irish arrangement." That's why people think GE is tax dodging. Trust me they pay every dollar they are legally obligated to pay in the US.

There are few overseas solutions for Phil. There are some exotic things he may be doing in the very grey areas of international tax accounting but my guess is he isn't doing them these days. Everyone is pretty sensitive to this sort of thing. Recall this case in 2003:

http://en.wikipedia.org/wiki/KPMG_tax_shelter_fraud

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[quote name='nc_biscuit' timestamp='1358823485' post='2109799']
Curious how much you know about Mickelson... I realize its your schtick to immediately play the "I'm an asshole, lets call names" card, but he's actually a pretty damned good guy. He gives a ton to charities and like pretty much everyone else except you, Delhommey and Panthro, he prefers not to give large chunks of his money to the government and instead choose who he gives it to...
[/quote]

no one is going to willingly stop making millions of dollars just because it's taxed and to suggest that he would retire because of it is basically total bullshit and reeks of "b-b-but it's not FAIR that i have to pay taxes" [url="http://www.carolinahuddle.com/boards/index.php?&app=forums&module=extras&section=legends#"]:notfair:[/url] [url="http://www.carolinahuddle.com/boards/index.php?&app=forums&module=extras&section=legends#"]:notfair:[/url] [url="http://www.carolinahuddle.com/boards/index.php?&app=forums&module=extras&section=legends#"]:notfair:[/url]

oh and really i don't give a poo about how "good of a guy" some rich as fug person is when they're crying about the taxes that they have to pay to earn money in america. i fully support his decision to move to another state or even another country tbqh, and he is certainly free to do so. good luck making that kind of money while playing golf in some third world country where taxation is practically non-existent though

oh and btw why didn't this "good guy" make his ideological stand, say, back in the 90s when the marginal rates were even higher?

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this system is perfectly fine to get rich in as you can see by the immense wealth i have accumulated while playing fuging golf, however BOOHOOHOOHOOO I'M RICH NOW AND HAVE TO PAY TAXES ON IT

phil can fug right off on this topic, i don't really care how good of a guy you think he is

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http://www.youtube.com/watch?v=AbSRCjG-VLk

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Phil is routinely voted to be one of the biggest jerks in sports (by all accounts he's Shooter Mcgavin made flesh), but seriously he gives to a lot of charities so he's an upstanding guy.

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You want more money? Make more money

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serious question: how many of you are uninterested in making millions because you will hit the highest marginal rate?

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This is so weird... It's almost like a guy does well and makes a lot of money and you guys hate him... Nah, that can't be it...

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It's almost as if you have a lazy narrative you want people to fall into...

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[quote name='Delhommey' timestamp='1358859154' post='2110122']
It's almost as if you have a lazy narrative you want people to fall into...
[/quote]

It's almost as if you spin things to however it best fits your idealogy...

Here I'll quote it for you...

[quote name='nc_biscuit' timestamp='1358823485' post='2109799']


Curious how much you know about Mickelson... I realize its your schtick to immediately play the "I'm an asshole, lets call names" card, but he's actually a pretty damned good guy. He gives a ton to charities and like pretty much everyone else except you, Delhommey and Panthro, he prefers not to give large chunks of his money to the government and instead choose who he gives it to...
[/quote]

Where in that do I say...


[quote name='Delhommey' timestamp='1358832337' post='2109988']
...but seriously he gives to a lot of charities so he's an upstanding guy.
[/quote]

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