When people think of tax-free organizations, most people think of charities, hospitals or universities. What many people don’t realize is that the NFL — as in the National Football League – is in this august company even though it generates some $9.5 billion in annual revenue.
Sen. Tom Coburn, R-Okla., aims to fix this injustice though odds are better that the inept Jacksonville Jaguars will win the Super Bowl. Liberals and progressives should encourage him to fight the good fight.
As I wrote in MSN Money:
The conservative Republican yesterday introduced The Pro Sports Act, a bill that would prohibit sports organizations with annual revenue of more than $10 million from enjoying the same tax-exempt status that trade associations and public interest groups enjoy.
If passed, his bill would affect a variety of sports groups such as golf’s PGA Tour, the National Hockey League and tennis’ ATP World Tour, according to Bloomberg Businessweek. Interestingly, it wouldn’t apply to Major League Baseball, which gave up its tax-exempt status in 2007, or to the National Basketball Association, which is a for-profit business, the publication says.