Not that I feel too sorry for the guy, but the story is making the rounds: while winning $2.16 million in two weeks, after taxes, Phil will take home “just” $842,000.
That’s a 61% tax.
But it is still not as bad as things were as late as 1980 when the federal tax on incomes of $215,000 and up was 70%. In 1960, $400,000 and over paid 91%.
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So Scotland has a 45% tax rate. US is up to 39%? either way – can’t feel sorry for a guy who makes $2m in 2 weeks time.
However, the problem I see with this? Isn’t 15% going to California? What does California have to do with Phil making money in Scotland? This isn’t like an investment where he just lives in Cali and has money sent to him from overseas – he went to Scotland to make that money. Whether it was $2m or $400 – California should have no right to 15% of it.
Come to Tennessee, Phil! Save that 15% – no income tax! I bet I could work a free membership to my club for you. I’ll cover your entry into the Member/Member if you pair with me.