Phil Mickelson made a whole lot of money in winning the Scottish and British Open tournaments in successive weeks. How does around $2.2 million sound for eight days of work?
Not too shabby, huh? But unfortunately for ol' Lefty, he's not going to be able to keep all of it. Heck, he's not even going to be able to keep half of it.
According to a recent article by Forbes, Mickelson will have to pay a whopping 61% of his earnings from those two events combined in taxes. Most of that will go to Britain, which collects taxes for Scotland until 2016.
People in the tax bracket of the world's No. 2 golfer pay about 45% in taxes in Britain. Mickelson will have to pay that on not only his winnings from the tournaments but also from bonuses, endorsement money, etc. that he earned while playing there.
An additional 13% of all those earnings will go to his home state of California. He can use a foreign tax credit to avoid having to pay taxes on most of that same income to the federal government.
All of that reduces Mickelson's take-home from the two events to a mere $842,700.
Poor guy. No wonder he was mouthing off about taxes earlier this year.
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