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Callaway Responds Quickly With Ads Celebrating Phil Mickelson's British Open Win
Published July 23, 2013
TAXING SITUATION: CNBC's Larry Kudlow noted Mickelson earned $2.1M for winning the British Open, but it is "not a big financial windfall" after taxes are taken out. Scottish taxes take 44% "right off the top," though Michelson "does get a credit for that on his U.S. income tax form." However, the state of California, where he lives, "has no exemption so he owes another 13.3% and is left with about $842,000." Kudlow said the California tax rates and code was "part of the reason Mickelson talked earlier this year about leaving California to escape its ridiculously high income taxes" ("The Kudlow Report," CNBC, 7/22).