Phil Mickelson Paid A 61% Tax Rate On His British Open Winnings, Still Made $800,000
His winnings from the Scottish Open and British Open were ultimately taxed at a 61% rate because of a combination of British tax laws. The UK taxes all income above £150,000 at a 45% rate. In addition, his endorsement income and bonuses from his two weeks in Scotland are taxed.
He also has a pay some random federal taxes and California taxes his winnings 13.3%.
In all it comes to a 61% rate.
Mickelson has complained about taxes before, and threatened to move out of California.
He has made $72 million in PGA Tour winnings alone in his career. Last year he was named the sixth highest-paid athlete in the world by Sports Illustrated, raking in $39.5 million just in 2012. It stands to reason that he has made hundreds of millions of dollars in the last 15 years or so.
So let's not shed any tears for him. He'll be okay.