Professional golfer Phil Mickelson makes an estimated Dh176.2m every year and complained this week about recent tax laws.
Professional golfer Phil Mickelson makes an estimated Dh176.2m every year and complained this week about recent tax laws.

Taxing issues leave Phil Mickelson a little red-faced



Phil Mickelson beat a hasty retreat, his expensive, alligator-skin golf shoe wedged firmly in his mouth.

After making some poorly conceived comments on Sunday about the new tax laws in the United States, he had backed down on Tuesday, issuing a statement saying financial affairs should be a "personal matter."

If only he had taken that tack earlier.

Mickelson told reporters that he is facing a 62 per cent annual tax bill as a result of new laws enacted in the United States and California which are aimed at residents making more than a million dollars.

He makes an estimated US$48 million (Dh176.2m) annually and gets to write off most of his expenses, from caddie fees to jet fuel, as a business expense.

In addition to a scathing treatise posted on the Forbes Magazine website, Mickelson was hammered in myriad chat rooms, on Twitter and in the court of public opinion, where he was adjudged as being an ill-informed, disconnected heel during one of the worst economic periods to have hit society in global history.

He first insinuated that he might leave California – Tiger Woods moved to Florida in 1996 and the state somehow survived – but has backed down completely, no doubt having alienated many fans and perhaps even a sponsor or two.

"I apologise to those I have upset or insulted and assure you I intend not to let it happen again," he said.

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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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Company%20Profile
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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.