(USA Today) -- Not so fast with that cash, Lefty.
According to a report by Forbes magazine, Phil Mickelson will sacrifice 61% of his earnings for winning both the 2013 Open Championship and the Scottish Open, all of which will go in taxes to the British government.
Great Britain still collects taxes in Scotland, where the Open Championship was held this year. (Scotland will start collecting its own taxes in 2016.)
The explanation for how Mickelson's tax rate can get to 61% is decently long and involved, including parts on escalating tax rates and also the fact that the "UK is one of few countries that collects taxes on endorsement income for non-resident athletes that compete in Britain." The long and short is that 61% will go to taxes, and that's before Mickelson pays his caddy, pays for his hotel and expenses, pays his agent, etc. All in, Mickelson will probably walk away with about 30% of the money he earned.
Doubling the pain? Mickelson also won the Scottish Open the week before the Open Championship, which will be taxed at the same rate. For winning both tournaments, Mickelson earned £1,445,000, or about $2,167,500. After taxes, he'll take home $842,700, with a bit over $1.3 million going to the British government. We assume all of that will go directly to the Royal Baby's Binkie Fund.
Now, it's tough to feel any sort of sympathy at all for Mickelson, who just won the Open Championship, makes a boatload of money in endorsements and such (he was ranked as Forbe's #7 highest-paid athlete), and all-in-all seems to have a pretty good life. No tears shall be shed for him. But man. Sixty-one percent is a lot of percent.
(Thanks to Forbes for sharing.)