Golf.....

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Re: Golf.....

Postby The Donator » Tue Apr 02, 2013 2:47 pm

I speak my mind, cuz bitin' my tongue hurts
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Re: Golf.....

Postby really » Tue Apr 02, 2013 3:24 pm

DGA
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Re: Golf.....

Postby grodney » Mon Apr 08, 2013 9:16 pm

At first look, this Masters app for Android looks pretty awesome.
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Re: Golf.....

Postby Like_Water » Tue Apr 09, 2013 3:59 pm

grodney wrote:At first look, this Masters app for Android looks pretty awesome.


The one for the ipad is sweet.
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Re: Golf.....

Postby Abe Froman » Sat Jun 01, 2013 9:30 am

going to st andrews today, after 4pm its only $21 with a cart for unlimited holes until the sprinklers come on which is around 845... who's coming with me?
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Re: Golf.....

Postby Like_Water » Sun Jul 21, 2013 7:35 pm

Congrats to Phil!
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Re: Golf.....

Postby irban » Mon Jul 22, 2013 4:08 pm

Like_Water wrote:Congrats to Phil!

I thought old droopy was going to quit playing because Obama is taxing him too much.
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Re: Golf.....

Postby Like_Water » Mon Jul 22, 2013 7:40 pm

He probably gets a tax break on monies won in other countries.
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Re: Golf.....

Postby tufluk » Tue Jul 23, 2013 7:50 am

I believe Phil's beef was with the state of California and the rates for state income tax. Jerry Brown is Governor, not Nobama. Phil didn't say he was going to quit playing, he talked about moving to Florida, like Tiger did.
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Re: Golf.....

Postby crazykrug » Tue Jul 23, 2013 2:29 pm

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Re: Golf.....

Postby tufluk » Tue Jul 23, 2013 5:10 pm

Kurt Badenhausen, Forbes Staff

Phil Mickelson Wins Historic British Open And Incurs 61% Tax Rate

This is a guest post from K. Sean Packard, CPA, who is Director of Tax at OFS. He specializes in tax planning and the preparation of tax returns for pro athletes. He can be reached at sean.packard@ofswealth.com and on Twitter at @AthleteTax.

Phil Mickelson caught some heat this past January when he complained about his supposed 60% tax rate. I even had a little fun at his expense. But it appears that sponsor KPMG may have taught Lefty a little more about taxes than we professionals have given him credit for knowing.

Mickelson capped a dominant fortnight in Scotland by shooting a final round 66 to come from behind and win The Open Championship. He also won the Scottish Open the previous week. For his two weeks of play, the world’s best golfer (rankings be damned) earned £1,445,000, or about $2,167,500.
The United Kingdom, which has authority to set Scotland’s tax rate until 2016, graduates to a 40% tax rate when income hits £32,010 then 45% when it reaches £150,000. Mickelson will pay £636,069 ($954,000, or 44.02%) on his Scottish earnings.

But that’s not all. The UK will tax a portion of his endorsement income for the two weeks he was in Scotland. It will also tax any bonuses he receives for winning these tournaments as well as a portion of the ranking bonuses he will receive at the end of the year, all at 45%. It is a significant amount for Mickelson, with only Roger Federer and Tiger Woods earning more among athletes from endorsements and appearances. Mickelson ranked No. 7 overall with $48.7 million in Forbes’ June list of the world’s highest-paid athletes.

The UK is one of few countries that collects taxes on endorsement income for non-resident athletes that compete in Britain (the US also does). The rule has kept track star Usain Bolt from competing in Great Britain since 2009, outside of the 2012 Summer Olympics when the tax was suspended as a condition for hosting the Games. Spain’s Rafael Nadal has also allowed UK tax policy to dictate his tennis playing schedule.

The good news for Mickelson is that he can take a foreign tax credit on his US return so he is not double-taxed at the federal level on this income. The bad news is that the credit does not cover self-employment taxes (2.9%) or the new Medicare surtax (0.9%). Additionally, California does not have a foreign tax credit so he will have to fork out 13.3% there as well. Although he receives federal deductions for his California tax and half of his self-employment tax, these deductions do not benefit him on this income because as they reduce his federal tax they reduce his foreign tax credit.

Without considering expenses, Mickelson will pay 61.12% taxes on his winnings, bringing his net take-home winnings to about $842,700. When expenses are considered (10% to caddy Jim “Bones” Mackay, airfare, hotel, meals, agent fees on endorsement income/bonuses—all tax deductible here and in the UK), his take-home will fall closer to 30%.
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Re: Golf.....

Postby irban » Wed Jul 24, 2013 9:47 am

Hee hee Forbes.

For starters, courtesy of President Obama’s re-election and the subsequent fiscal cliff negotiations, Mickelson will experience an increase in his top tax rate on ordinary income from 35% to 39.6%, and an increase in his top rate on long-term capital gains and qualified dividends from 15% to 20%. Clearly, when faced with tax hikes of that magnitude, it stops making economic sense for Mickelson to continue to swing a metal stick up to 70 times a day in exchange for the $48 million he earns on an annual basis.

But it gets worse. Thanks to the expiration of the temporary 2% reduction in the payroll tax rate on the first $113,700 of self-employment income, Mickelson will have to fork over an extra $2,274 in tax during 2013, an additional burden that makes it hard to justify briskly walking as many as five miles per day, four days a week. In long pants, nonetheless.

And then there’s the impact of Obamacare. When you consider that from now on, Mickelson will be liable for an additional 0.9% tax on his self-employment income and 3.8% tax on his net investment income after each exceeds $250,000, what’s left over from the multi-million dollar endorsement deal requiring him to sport a Rolex watch while playing private courses in exotic locales hardly seems worth it.
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Re: Golf.....

Postby Like_Water » Wed Jul 24, 2013 11:31 am

his take-home will fall closer to 30%


I think the point is lost that he doesn't get even close to HALF of what HE earned. I'd be pissed too. the us government does less for him than my aunt who never works and gets a check in the mail. Where is the incentive to get a job? She's never hungry, thanks Phil!
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Re: Golf.....

Postby irban » Wed Jul 24, 2013 2:47 pm

Like_Water wrote:
his take-home will fall closer to 30%


I think the point is lost that he doesn't get even close to HALF of what HE earned. I'd be pissed too. the us government does less for him than my aunt who never works and gets a check in the mail. Where is the incentive to get a job? She's never hungry, thanks Phil!

Are you kidding? He didn't build that. :P
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Re: Golf.....

Postby tufluk » Wed Jul 24, 2013 4:45 pm

Take it ALL! 50% 60% 70% We all know that his "earnings" were not earned. He just plays. And as members of the golf community (disc/ball), we know that his millions are the result of a leisurely stroll around the links w/ a toady carrying his bag. Phil probably never spent 5 minutes on the practice tee or driving range. God just dumped success in his lap, and he should be ashamed that he's only paying 61% to the Government. Every dime he keeps is stolen from the poor. Think of his rotten kids. Not content with just being born white, those little bastards will probably expect to go to some good college. Phil and his whole lousy family should be stripped of everything and thrown in the poorhouse. THAT would teach the S.O.B. to grouse about taxes.
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