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Phil Mickelson backs off tax comments

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    Golfing great sparks debate over federal, state tax rates

  • Duration 4:50
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Hall of fame golfer Phil Mickelson is making headlines off the links this week as the second highest paid professional athlete.

According to Sports Illustrated he appears to be threatening to relocate.

Thanks to his home State's new tax laws.

And Sunday interview Nicholson said quote if you add up all the federal and you look at the disability and the unemployment and the social security and the state.

My tax rate is 62 or 63%.

-- got to make some decisions on what I'm going to do.

While he has since apologize or -- backed off of that there's a growing debate over whether.

That was really necessary -- the idea that any American to be taxed for nearly two thirds of their wealth.

-- Barney is the host of morning company on the Fox Business Network he joins me now -- still.

This is outrageous fulfillment of some let's just put in perspective he is as -- just say one the highest earning athletes on earth according to the New York Times last year.

He made 48.

Million dollars like he's saying he doesn't want more than half of it taken away.

Why is he apologized since what it.

As an American who's made his own money.

-- he stands out how to apologize because he complained about the extraordinary high rate of tax that he is paying.

The left essentially full -- into this apology they beat him up real bad.

They said you've got to pay up shut up and staple it in California I'll give -- an example of the professor not -- Berman.

As a university professor in Syracuse he said that to Mickelson should consider himself lucky.

To be making all of this money they should stop whining and give thanks that he's making all of this money.

-- there's no reward in America for a hard look talent brains drive and ambition Conan I don't know.

The government's gonna take two thirds of it if you're successful his agency student.

The presidential election you heard a lot about the 39.

Percent the highest.

Wage earner is their taxes we're going to go up to 39%.

And that was repeated over and over Phil Mickelson proves.

Actually much hard and they're not present in fact we have a graphic let me show you the taxes is so that we know all of that Phil that -- -- the tank.

-- federal tax because President Obama was reelected will go up to 39 point 6% if he's state tax California.

Up to thirteen point 3% he city local tax outside of San Diego is 8% we don't know what he pays in Social Security.

Or in property tax that we can imagine that is very -- his stealth tax seven point 25% in California for everything that he -- It goes on and what it it you understand why he thinks he's -- 62 or 63% of his income what he is that's exactly what it -- he's noted that this is 63%.

63 cents on the dollar all of his income.

That figure does not include his property taxes is utility -- taxes his telephone taxes and all arrested it.

Not want is to stop him jumping ship.

Why does he just crossed the state line go to Nevada.

What as we go to Texas Texas has no state income tax if he did that.

He would be saving himself thirteen point 3% of everything you makes over a million dollars that's a lot of money.

As we said he has since backed off his comments because as you said people came down on him for talking about this and he -- he has said now he doesn't have a quote definitive plan.

And -- he says if he's apologized that he should not have spoken out about taxes and encompass it's a very personal thing.

Yeah -- saying he apologize to people that he upset or offended.

-- well and has an American with talent brains drive ambition makes good.

Why should you apologize.

For making money.

Why should you apologize hope complaining that the governor is taking two thirds of -- big I just don't think that's legit it's so -- saying.

-- -- because again during the presidential election the real debate between Mitt Romney and Barack Obama.

Was -- -- rich should pay their fair share it was time for the rich to pay their share they're sure they should pay 39.

Per cent and this is the perfect illustration.

Phil Mickelson has sort of -- body the illustration that at some points for the uber wealthy.

There's immense -- their people feel that it has diminishing returns he was actually at what point he said that.

Some of the drastic changes you might have to make not only -- -- but he might consider retiring because it is diminishing returns to pay that much of your income.

It was for tax reasons that he did not take a stake in the San Diego Padres the baseball team he was considering an ownership part ownership of the team.

He backed away because of the tax implications because of the rising taxes in the state of California.

His actions were affected by that tax rate that he -- coming at him.

The economy is negatively affected.

-- Morning he always ready -- and ethics.

I feel so I feel your -- down -- Thelma thank you Alison.

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