Senator Introduces Legislation To Deny Tax-Exempt Status To Non-Profits With Revenues Greater Than $10 Million
/Rick Cohen of The Hill reports on Senator Tom Coburn's legislation that would deny tax-exempt status for "professional sports leagues with revenues greater than $10 million."
The bill has not been posted but you can read the Senator's talking points here which include a misspelling of Commissioner Finchem's name.
Ryan Ballengee broke down the talking points and noted this:
In his talking points, Coburn also suggests PGA Tour executives and its players — labeled “independent contractors” — make way more through the 501(c)6 structure than other trade organizations. For example, PGA Tour players and sponsors have raked in millions while taxpayers effectively subsidized the tour’s operations. In 2010, the tour paid its (sic) five of its most successful golfers a combined $37.4 million. That same year, sponsors — who pay to have their brands advertised at tournaments and on television broadcasts — received $44 million of the tour’s $1.4 billion revenue (sic). Tim Fincehm, PGA Tour’s commissioner, received a handsome sum of $3.7 million in 2010 from the nonprofit PGA Tour itself and $1.5 million from its related organizations.
Wait until the Senator sees Finchem's 2011 pay and the other executive compensation.