After a decisive triumph at the British Open in Muirfield Golf Links in Scotland, Phil Mickelson's bank account just got fatter. However, the state of California will also slice a big part of the ham.
Mickelson won a total of GBP945,000 or US$1.43 million in prize money, but that's not the main bulk of the champion's new wealth. He earned an estimated US$36 million last year from product endorsements, mainly from companies such as KPMG and Callaway. His padded revenue pushes him to a new tax level.
"There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn't work for me right now," said the British Open champ when he competed at Palm Spring's Humana Challenge.
The state governments of the United States pose hefty taxes to athletes who play in their jurisdiction. The state of California increased the tax of US$1 million and above earners from 10.3% to 11.3% just last year.
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