Tags: mickelson | british | golf | tax

Mickelson's British Golf Wins Bring Huge Tax Pain

Image: Mickelson's British Golf Wins Bring Huge Tax Pain (Getty Images)

Thursday, 25 Jul 2013 01:49 PM

By Bill Hoffmann

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Pro golfer Phil Mickelson is in for some taxing times now that he’s raked in more than $2.16 million for his stunning wins at the British Open Championship and the Scottish Open.

The world’s No. 1 golfer, already irked about the 60 percent tax he pays as a California resident, is about to owe even more.

Forbes reports the United Kingdom is slapping Mickelson with a 45 percent tax rate reserved for people who make in excess of $230,000 annually.

The magazine also reports the 43-year-old fairway superstar will face taxes on endorsement money he earned during the Scottish Open.

Mickelson can apply for a foreign tax credit to avoid being taxed again by the United States, although he still must fork over self-employment taxes and a new Medicare surtax.

And he’ll owe 13.3 percent, or about $220,000, of his earnings to California, which doesn’t recognize a foreign tax credit, according to Forbes.

After all the taxes are applied, Mickelson will still walk away with $842,700, Forbes estimates. Not too bad for the golf great, who can also count on lots more endorsement fees to help ease his pain.

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