Whoa. Sounds kind of drastic to quit your career entirely, but I guess if the government is confiscating that much of your hard earned money, then there's probably really little incentive to continue, right?
Well, I was curious to see how much money the poor guy would be left with after Obama's IRS Gestapos were through raiding his wallet. It seems in 2011, he was merely the second highest paid athlete, with a pitiful $62 million (both salary and endorsements).
So let's do some quick calculations. If we take that number and tax it at the rate Mickelson claims, 63% (it almost certainly wouldn't actually be that high since we have progressive taxation, and things like Social security taxes only apply to the first $108k, but I digress), his after tax income comes in at an utterly depressing $23 million. Who the hell can live on such a meager amount, I ask?! You might as well make nothing!
Q. How do you balance that against the TOUR’s retirement plan which by all standards is the best retirement plan in sports?
PHIL MICKELSON: I don’t understand. What do you mean?
Q. Well, I mean I understand the 60 percent part of the equation, but in the TOUR’s plan, you guys put about as much money aside as you want. It’s treated differently under tax laws than most anybody else’s tax plans. Where most people can only put away $45,000 or $50,000, you guys can put as much away as you want. And so at the end you guys end up with a much larger pot of gold than most people can.
PHIL MICKELSON: But when it comes out, it’s still taxed at the same 62 percent rate.
Q. Well, you’re still making that kind of money. That’s if you’re still in that bracket.
PHIL MICKELSON: (No response.)
let us all weep for some dipshit professional golfer