WASHINGTON, D.C. – U.S. Senator Ron Wyden (D-Ore.) introduced a federal bill to revoke the PGA Tour’s tax-exempt status due to its connection with a Saudi Arabian interest group.
Following a surprise merger between the PGA tour and the Saudi Public Investment Fund, Wyden — who serves as Chairman for the U.S. Senate Committee on Finance — announced Wednesday he’s putting forward legislation that would take away the tour’s tax exemption and deem the PIF ineligible for a “lucrative” tax break that applies to sovereign wealth funds.
“Most of America’s big pro sports leagues gave up their tax exemptions voluntarily when their revenues climbed into the stratosphere, and they hadn’t even shamed themselves with Saudi blood money. An organization that betrays its own word and agrees to become a profit generator for Saudi Arabia’s brutal regime has disqualified itself for a tax exemption,” Wyden said. “Many of the biggest sovereign wealth funds out there belong to countries that do not have our interests at heart, and there’s no good reason for hardworking American taxpayers to have to subsidize their huge profits.”
You can read more about Wyden’s bill here.
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