It was a great 2 weeks for Phil Miskelson who capped it off with another major victory in his already great career. The wins will cost Mickelson 61% of his earnings. Mickelson will pay a bunch of money in taxes to England.
He thought it was tough living in California and paying the self-employment taxes at the beginning of the 2013 season. Those taxes are nothing compared to the 61% he will give up in his European wins.
Phil won $2,167,500 in the past two weeks by winning the Scottish Open and the Open Championship. The taxes Phil will pay out will add up to 61% and if that wasn’t bad enough, Mickelson will be taxed on any endorsements he did in Europe too.
The UK is one of the few countries around the world that taxes people on their endorsements. Mickelson could be paying the UK for a while. By winning 2 weeks in a row in Europe, Mickelson’s new found fame on European soil could cost Mickelson a ton of money.
While Phil won well over 2 million in earnings with his 2 victories, he will only be taking home $842,700. He has something to complain about now. Paying out over 61% is very costly to anyone. Mickelson is far from broke and I wouldn’t feel sorry for him.
Forbes has him listed as the worlds 7th highest paid athlete making $48.7 million in Forbes’ June list of the world’s highest-paid athletes. He can still make ends meet.
Filed under: PGA Tour Golf