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Hey Phil, Quit Complaining and Keep Playing

AP Photo

In Saturday’s New York Times, pro golfer Phil Mickelson complained about his high marginal tax rates.

 

“If you add up all the federal and you look at the disability and the unemployment and the Social Security and state, my tax rate is 62, 63 percent,” Mickelson said. “So I’ve got to make some decisions on what to do.”

 

My first reaction is that Phil should talk to his accountant because his effective tax rate is surely lower than 60 percent.  The fiscal cliff deal raised his marginal income tax rate to 39.6% (assuming he’s in the top bracket).  The phase-out of itemized deductions will add about 1.2% and he will also have to pay a combined Medicare tax rate of 3.8% (the regular 2.9% for self-employed people plus the new 0.9% surtax...

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