From Tony Nitti in Forbes, pro golfer Phil Mickelson may quit the game due to climbing tax rates.
Mickelson will experience an increase in his top tax rate on ordinary income from 35% to 39.6%, and an increase in his top rate on long-term capital gains and qualified dividends from 15% to 20%.
Clearly, those are good reasons to quit making money.
Thanks to the expiration of the temporary 2% reduction in the payroll tax rate on the first $113,700 of self-employment income, Mickelson will have to fork over an extra $2,274 in tax during 2013, an additional burden that makes it hard to justify briskly walking as many as five miles per day, four days a week. In long pants, nonetheless.
Snarky, but astute. Why is it that rich folks seem to whine more than poor folks?