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View Diary: How Hogan helped Mickelson get rich (128 comments)

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  •  I think a lot of people find tax in excess of (2+ / 0-)
    Recommended by:
    nextstep, bumbi

    50% to be unfair and, like the similar feeling re the estate tax, that feeling probably cuts across parties to some extent.

    •  And so few understand that it's not 50%. (7+ / 0-)

      They see a tax rate like that and think it's 50% of their entire income.  They should be asking for even higher tax brackets to be created.  It's absurd that once you cross even $500,000 that that's the highest rate you'll pay.   Of course, those higher rates need to be combined with incentives to invest that money back into business and other ways that put that money right back into the economy.   That's how it worked when we have 70%+ tax brackets.  No one ever paid anything remotely near those neighborhoods.  C-suite exec's did take all the money home either.

      The priest said, "Today's sermon is called 'Liars', but first I have a question. How many of you have read Chapter 66 in Matthew?" Nearly every hand went up. "You're just the group I need to speak to," the priest said. "There's no such chapter."

      by Back In Blue on Mon Jan 21, 2013 at 06:03:10 PM PST

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      •  with the top bracket hitting at (0+ / 0-)

        $450, it will be more than 50% on virtually all of his insanely high income.

        •  The top bracket is 39.6% (2+ / 0-)
          Recommended by:
          greengemini, elginblt

          And I'm sure he has plenty of financial opportunities, tax shelters, havens, trusts, etc. to secure quite a lot of that.

          But you said it best—his income is INSANE.  Even if it was 50% and no possible tax avoidance allowed, he's still making tens of millions of dollars.  No one is going to walk away from that unless they are an idiot.  But then again, he is an idiot. C'est la vie, Phil.

          The priest said, "Today's sermon is called 'Liars', but first I have a question. How many of you have read Chapter 66 in Matthew?" Nearly every hand went up. "You're just the group I need to speak to," the priest said. "There's no such chapter."

          by Back In Blue on Mon Jan 21, 2013 at 09:32:01 PM PST

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          •  BinB - for US taxpayers tax havens do nothing (0+ / 0-)

            For someone like Phil who makes his money primarily from endorsements it's all 1099 income. Post the Tax Reform Act of 1986 there is no way to shelter it. Even if his sponsors deposited the money in the Cayman Islands it doesn't help, the taxes owed are exactly the same. He can effectively use trusts to shield some of his assets for estate tax purposes, but Phil doesn't have large amounts of capital gains or other income taxed at low rates. He is paying full freight and that includes $3-5 million more for living in California rather than Florida or Nevada. Even when you have the kind of money that Phil has, that is an amount that will get your attention.

            "let's talk about that"

            by VClib on Tue Jan 22, 2013 at 08:59:51 PM PST

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    •  Oh. You again. Interesting that you appear (2+ / 0-)
      Recommended by:
      tobendaro, elginblt

      not to understand the concept of marginal rates, she said dryly.

    •  Yea, god, (12+ / 0-)

      having to help pay for the country that is so great you can play a game and make millions because the populace is educated enough, healthy enough, to make money to pay to see you.  Yea, gag me.  All the things that government does to make the country a success is definitely not worth investing in. Especially if you are a selfish asshole.  Then you should get to do what you want.  Because you're good at golf.

      Everyone! Arms akimbo!

      by tobendaro on Mon Jan 21, 2013 at 07:33:51 PM PST

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