Even if you win the US Professional Golf (PGA) Tour, there is a big difference in the actual amount of prize money due to different income taxes depending on the 50 states in the US.
US Golf Digest reported on the 21st (Korean time) that Kim Si-woo, who won the $8 million Sony Open in Hawaii last week, received $1.42 million in prize money, but in Hawaii, a high state income tax of 11% on income over $200,000. He introduced that he had to pay 156,000 dollars in taxes.
From the American Express this week in La Quinta, California, to the Farmers Insurance Open starting next week, and the AT&T Pebble Beach Pro-Am, the Genesis Invitational a week later, players pay the highest state income tax in the country from their prize money. California imposes the highest tax in the United States on income over $1 million, at 13.3%.
Conversely, there is no state income tax in Florida, Texas, and Nevada, so the last Shriners Children’s Open, Cadence Bank Houston Open, Honda Classic held after Genesis, and Arnold Palmer Invitational, which have the highest total prize money of $25 million, Players Championship, Valspar Championship, At WGC Del Match Play and Valero Texas Open, you can receive the prize money at face value. 스포츠토토
Comparing an extreme case, if you win the Honda Classic with a total prize money of $8.4 million, the winning prize is $1.512 million, which is the same as the Farmers Insurance Open, but after income tax is taken out, the actual amount you receive is far different. In particular, at the Honda Classic, the winner is given a luxury sports car, the 2023 Porsche 911, as a prize.
It’s not just the prize money, but the reason PGA Tour players live in Jupiter, Florida, and Texas is also a way to save money on taxes.
Im Seong-jae and Kim Si-woo from Korea all prepared a house for newlyweds in Dallas, Texas, and seniors such as Choi Kyung-joo and Yang Yong-eun live there because there is a direct flight to Korea, and it is convenient to move to areas in the United States, as well as the effect of tax savings.
Kim Joo-hyung also went to Dallas last year to visit Jordan Spieth’s house or practice together. Female golfers on the LPGA tour, such as Jinyoung Koh, Inji Jeon, and Jungeun Lee6, also live in Dallas.