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Fleeing The Taxman

Jan 25, 2013|

Professional golfer Phil Mickelson is fleeing California because of the high taxes. Tina Turner is renouncing her citizenship and permanently moving to Switzerland. Howie asked the callers if they felt as he did that the government and taxman were driving sucessfull people out.Are we driving success out?

Transcript - will not be 100% accurate

Well this -- Phil Mickelson the sort golfer. He he's he's taken a lot of heat this week. Because he's he has he he's from California. And he he's been saying that you know maybe it's time for him that he was saying it now is not saying -- city's pot he's apologized. For speaking what was on his mind and was on his mind was. You know why in my living and plus the California State taxis in the top. He's in the top rate there that's now up to 13%. So when you add up all together. Phil Mickelson. Wins a box playing golf he only gets to keep 37 cents. And -- So he just expressed his view that. You -- -- -- California -- it was it was -- because that'd that would take it so much money said he wanted to be an owner of the San Diego Padres. Baseball team but he did not use leaving going to be able fort -- because they were taken so much money out of his Patriot Act. And so now of course you know all the are all lead the. The the knights of the keyboard as a Ted Williams used to call Merrill over rather roll over Phil Mickelson to -- Is he concerned about his fellow citizens error in this case in California his his illegal aliens doesn't mean don't we have to take care all the illegal aliens and what does he what does he need the money for he's got plenty of money with but he gets 37 cents out of every dollar in the illegal aliens. And the public sector union to get sixty. 63 cents what's he complaining about. Let's see I actually feel their pluses from Forbes I actually feel -- plenty of tax reasons why Phil Mickelson. Mickelson should have moved to a more tax friendly state much sooner. As attacks I am always interest in understanding at taxpayers' specific packs for part knowing the situation makes me a better advisor regarding what taxes persons subject to which tax reducing search transactions. And changes a client may want to consider. Tax for a principal professional athlete choose we have several things in prominent professional athletes in the same sport have much more in common. They're successful in their sport when they're young and they have -- personal warnings this combination can be intoxicating and blinding. It's difficult for them to assess the economics of what's ahead and fully appreciate -- from where they have conflict -- the -- for the moment as of their situations will never -- Using Phil Mickelson is an example perhaps he would've already saved. Himself and several millions of state income. Dollars if he was a -- of a state with no income tax such as border taxes. If you're not already old where. Many professional athletes. I paid non resident pat income taxes in multiple jurisdictions based on where they're being determined to play. However a high income state such as California may only give credit for income taxes paid those other jurisdictions. While still applying about higher California raid on these earnings more significant. In in endorsement revenue which can be a major portions of an aptly revenue during his best years would be fully tax and cal. I won the when he why wouldn't say and cal for I I think he's with this I think you've yet to be nuts not to have moved to was Tennessee. Or or or or Florida or or Texas I a -- one of these stories about Mickelson this week the Nevada that was evident compacts either I didn't know that. Nevada is just next door to California. Why which. So if you move back if you move by California he immediately gets into it to Texas or Florida he immediately gets to keep 13% workers and -- That's huge -- makes ten million a year probably makes more than that who makes ten million a year he gets to keep an extra one point three million. Why why are people down on him for saying that he videos that he may move they might move -- California. A lot of people aren't famous or -- and -- California one about a 100000 a year they say. You know they they've tried the same thing we talked about it in Jersey they traded in Maryland they've tried these millionaire taxes they never work. The millionaire should start disappearing. Then they don't know what happened storm that they just go under a million dollars or 250000. If that's the the of them the millionaire cut off as it is. Enough Barack Obama's America. Or do they do they do they do they just want to be income threshold they discover right off -- that they just flat out move. I would say -- a lot of them just flat out move. 18774694322. Balls -- that kind of money and I -- -- of any state in the union insurers -- would be living in California about you. Pat you're next with how we cargo had passed. Yeah that would be the last stayed at what eleventh hour -- California. In the one on Lebanon right now obese second left in the one year and there are a I would be I'd give it going to be like for Florida it goes like which are gonna do when you retire yeah you know it it would. This is what the left failed to realize they can put all these dark -- taxes at all they want to. But people means people with the wind chills kinda while -- instantly he makes about forty million a year with everything. Forty billionaire so he would get what you want get a pay raise of five million a year or move toward if you moved to -- no -- no income tax that five million box. Exactly exactly so I mean. That those type of people can go anywhere they -- ending altogether they're gonna take the path of least resistance which happens in this case forty to play year round there. And it goes to -- its every need to go practice and right out of Florida. You know been in California they're so if there's shall municipality taxes paid him and local taxes in straight sets. I leave it there. That's insane and out there so I mean if I want to state right now I'd be like Texas or Florida or or maybe North Dakota because. You're gonna attract well if you have a lesser attacks or you're gonna have wealthy people tumble in your state in it. Racist daredevil look where they're citing. You know believe it or not even with a Obama's president's in spite of his so called landslide victory that's what the New York Times in the rest of the moon bat publications call. Missed three or four states are talking about doorway what their income taxes just for this very reason alone because they know that they're gonna suddenly get an influx of -- very well be people. Or going to be spending a lot of money in the states and its gonna be good for everybody. This is just like the cigarette tax we're talking about yesterday hours. You know if I was just stay with with less cigarette taxes I'd be increasing revenue because people become an in my state the purchase of -- disable -- during -- Right vials of the story. People in Massachusetts are getting healthier at least they're they're playing they're buying fewer cigarettes. Yeah of course they're buying fewer cigarettes -- -- -- about the blocked a 351 -- pack of course they're gonna drive to New Hampshire of course regular while you know while whenever they're driving back from Florida they gonna stop in North Carolina load up the trunk. You know thanks for the call 18774694322. He should have just moved did not set any thing. Why did they helping you knew was going to be it was gonna become a controversy I mean obviously that's what they do now I mean he's he's again he had to apology case. Yet Apollo it apologized for making a wise decision for his family. 187746943. Is there talk about California instituting an exit tax on residents of the move out of the state. And exit tax. No I had heard that I that I mean it's it's certainly sounds. It certainly sounds believable. Mean you know what they're gonna get it they gonna get even more people they've done -- -- that way that we forcing people to make their decision they'll get out earlier before the beat the to beat the act. The down the moving tasks. 603 my former college roommate and his wife for moving from California or Florida. I was like or real estate agent over Christmas and they said you know it broke the rule states still. And not that great Florida. But that they said that one thing their rather than thinking you're gonna get this some some some California people movement of the state. 1877469432218774694322. Wasn't Alec Baldwin to move to -- of George Bush won the election he never apologized. -- did you see another one Tina Turner has been living in Switzerland for the last fifteen years so she's a finally decided to renounce or American citizenship I don't know if they're probably has some to do with taxes you know. The -- you she likes Lebanon Switzerland and you know they they approved their for a for as a as a resident. But -- she's she's not she's not coming back. Mike you're not you're next with how we cargo that might. We -- -- happened -- California will have a porous the border to itself and they'll probably put -- it. Participants spent a sleazy things. In the I wouldn't doubt that I wouldn't doubt if they went to -- an exit tax. -- people have to sneak on the OpenId. Yeah the missed the midnight everyone -- be -- the midnight movers moving van. Other animals period note the rhetorical it's not but he says. It's stepped it what's frightening about this that I needed for frightening is -- -- which. That I think is that relief is disquieting. I don't know like he like he did something wrong by by bite bite the bite. By mobilizing. Aid decision that would be the decision that would be very good for scrambling to make. It's like being in. An asylum was and the people bank you know they had the -- camera. And how did you want. -- thanks for the call 18774694322. Marlboros we're going for seventy dollars a carton at. At Wal-Mart if someone says ball mark the ball ball. Worked -- war. Wal-Mart legacy means apologized for who we should give California the one finger salute let the moon bats until the moon -- exactly why he's leaving. We're vis Reagan if he's regular forty million bucks a year it's it's very simple a development that element third in that ten seconds. I'm moving to Florida which has no income tax and leaving California which has a thirteen and plus percent income tax therefore I won't say of five point two million dollars a year. As when I'm making forty million to forty million or fifty million a year that's is that enough Marie -- five million reasons good enough for him. 18774694322. Tiger Woods lives in Florida of course yeah aces or she does work. Yeah he's from California where else would you. He -- team we used to live in Orlando now he's moved down to was down to the Gold Coast were were right where my place. 1877469432. To clap your next with how we cargo that -- They -- way I love the show I admire you greatly thanks. One does say that. You know I was inspired by John F Kennedy's growing up not only 46. You know ask not what your country can do for you but what you can do your country it just seems like the world upside down. What what do you mean I mean you think you think Phil Mickelson it would be more patriot if he stayed in California. Absolutely not I think that the ridicule that it got and the apology had been made after -- ridiculous. -- money. I know I'm always in the political and you know the thing as they -- hockey's not paying his fair share. He's paying 63%. Of his income to -- various government was what exactly has its fair share. Well that's that I mean that that they are sure you hear that from Kennedy which you've heard words. You know need to you know look at what you can do the buildup to a country not what you country and you view -- what you get. You don't also Kennedy we talked about a million times with Kennedy recognized that the high taxes were not good for the economy he said cut taxes he he was four he did cut taxes you -- -- rising tide lifts all boats in the and he knows were eight. You know in that that's why that's why he would be he would be unwelcome in today's Democratic Party you know. Thanks for the call up 18774694322. LeBron James shows Miami for lower taxes to -- only the white golfers raked over the calls. Because I think the white call for you open -- now I mean of you know if LeBron James Europe -- woods and open their mouth like that they would they would be that decrypt. Size does well. 18774694322. He said the total effective tax rate was -- was 63% and he's apologizing. It's like he's got successful taxpayer Stockholm syndrome stop you. Why don't the wealthy Californians moved to France -- never mind. 18774694322. How we -- driving back from Salem right now Salem New Hampshire. Just -- market basket with fifteen cartons for me and my friends make the run every two every two weeks. Yeah people underpaid people are gonna pay these they they they they raise the price and another -- another dollar -- guess what they're gonna get less money next year. 18774694322. On how we are. 18774694322. We're we're about Phil Mickelson. I guess the second best golfer in the world after Tiger Woods and he said said last week. That he was slick about moving from California where it was born and raised two to move -- note -- He made it to sixty million dollars and last year I guess that's what they're saying. And so he was sort of -- the tax rate is going up to six the 3% after the latest federal and state income tax increases. So while I mean what is his fair share -- -- somebody saying Oakmont how we the they the Kennedy tax pop country it was my 80%. We're talking about sixty to 63%. Here. Yet that the Kennedy tax rate of 90% Wednesday imposed on the veritable handful of people to mean -- -- I've read up on that cents a since we've been talking about raising taxes it was it was just a symbolic thing more than anything else. And plus everybody had a all kinds of deductions they could take and there were loopholes -- waited there thereof they -- There wasn't really a rickety you know may -- for him for people but -- made the 9% did not exist -- tax rate. 18774694322. How we are to win come family will not be apologizing when we moved to New Hampshire this summer from the North Shore. My wife and I decided after hearing mini me devolved tell us that he had to raise the state income tax that enough is enough. We already pay over fifteen K to the state on our New Hampshire derived incomes for what. The Balkans that choke someone else for his welfare giveaways it's easy to see that it's only going to get worse. Nancy. -- -- I just found a new business of the ball gets his way I know I know are all -- I will meet the close my a might might small business in the when the court courier. By the way to the Kennedy space 90% yeah that's a joke too right that's a joke -- the Kennedys didn't pay the death tax and it in enough. In a Massachusetts even though Rose Kennedy had spent the last twelve years of life not not going to Florida wants. But she was allowed to to -- to file -- or via. The the current state in Florida and their thereby avoid the death tax. One and it's didn't rush catchall for moving to Florida. Yeah rush says he's still getting audited every year a year by -- the State -- New York he's just been through nine month off but they -- they they refused to believe he's gone. He even so he sold his. He he's he's sold his apartment in New York used occasionally do shows up the New York I don't even think he does any shows in New York anymore. Just because he has wanna give any more fuel to the New York revenue department. 18774694322. War. Tiger was asked about this this weekend he said that's the reason he left California in -- 1996. Lyman you're next with how we cargo have -- Animal there following. Me. -- this Friday -- -- it will be nice to an exporter Q you've been a good guy oh we. They. As -- as all the tax stuff keeps me to look when they probably -- for traction on yachts. All of -- sudden -- the older you know a little boost social somewhere else. And some people legally owned portal there are -- he lost in other than Boston shall we say it will order says. To. So -- all that trash or fire hydrant one. And -- nobody asked him about that yesterday did -- all the focus all of the fellow members of his most exclusive club in the world -- gave him a pass -- deny him -- dodging those taxes -- -- finally here and -- you know the other thing -- what about the patches Kennedy you know he was the congressman -- -- Iowa which -- that those -- -- building yards and -- when they put the when they put the onerous tax on -- Suddenly suddenly his constituents were hurting more than somewhat and he was one of the guys that was leading the charge two was. To what do away with the that the increased tax on the on yachts. I think they call -- diminishing returns -- and I called fact checked. And I think I'm not sure -- that is correct or not but it seemed to me but don't sound massacre sandy hook. I heard conflicting stories. The loans and just woman. -- some pistols. And that stage show and so if I have a short time magazine there's third but these so called -- fifteen -- bushmaster was around. And the trunk or -- Hours in the bottle was found in the truck or car yeah. So I don't think he took the AR fifteen and to the and to -- as we said yesterday. -- at a press conference yesterday senator Dianne Feinstein. It introduced her legislation and -- atomic weapons she wants to outlaws weapons of mass destruction one of which was and they are fifteen. And there were planning day ar fifteens and I Iraq's August George Bush is now correctly get maybe that will be the lead story on TV though right George Bush was correct there were weapons of mass destruction. In nine in Iraq difficulty ar fifteens. But of course the the -- the indeed it's kind of a moot point that she's filing this bill because there aren't enough Democrat votes. In the senate level Republican votes to pass this legislation making it they're gonna have to walk pushed through was an executive order there if they can. Because they can't they can't get enough votes -- one no one wants to vote for -- best agony -- the Democrats are afraid to vote for and the Republicans are from all of for a period. 1877469432218774694322. Paul your next with how we cargo have ball. In I don't. At that Portland that Cisco partner the other day and and you know where there is they have Graham bothering thing the property taxes that are. And basically you know -- -- buy you figure out -- -- parents -- program or however it clear politics of the load factor so. Effective is that there's people that. 800 and the million dollar on -- -- him like a thousand. Box -- property. If -- -- it allows you -- out of it extort they've been out there and you know like a. Right it -- I hate to use the F word Paul but how is that. -- -- Exactly how it's insane and then they wonder whether and so financial trouble. Right now. They have a chance -- now they have a chance they don't wanna take unity talks -- next Sunday my alcohol in the bars in the in this effort Cisco I -- -- is back. Apple is but one -- it it's still possible that. -- -- There are at this very epic story oh incredibly generously. To charity work and it well like. When he goes it is normal guys you know they go out to dinner and drop a 200 dollar the -- -- -- around like you know like to make it rain like I'd like to take I would apartment. Sort of ironic that these you know wanting to do the notes are going to matter. Right do what they said is somebody said that his chatty last year made 444000. Dollars. You know look at that you make about annoyed -- your idea though. That's. Just too bad to be used all of -- -- both for. Protection money. Thanks for the call Paul stay out of San Francisco for the Super Bowl if you wanna have a cocktail 18774694322. Mike your next were powered car go ahead Mike. Altria or tackle the emotional thank you in a stable monster you are quite -- dreams of leaving here eventually when Leo retire but. Well I never took that that trauma exit tax seriously. Start hearing about a few months ago. So I'll send Russia a few weeks ago here that got into the discussion of but the justification for that. There are clearing that to ensure it'll open the state. And participated in. -- accumulation of debt he -- or some in Rendell more infrastructure and so forth the that's the justification for having to Mexico acts in them. Are the other -- attacks on illegal aliens who have all the ports. Well. But really these people have at least these people pay taxes on everything right I mean it's I was -- -- -- -- to be something like -- -- -- you know like if you're if you're with your spouse for a that the link of the marriage you have to split the assets of California's gonna say. Well you know if you lived here ten years and you made a million box that you'll 500000. To the to the state of California. About I don't wanna give many ideas like spot when I myself. I know you're thanks for the call Mike 18774694322. -- -- -- --