“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.”
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Sovereign wealth funds are able to structure income and transactions such as the PGA deal to maximize tax-free profits. The Ending Tax Breaks for Massive Sovereign Wealth Funds Act would deny that benefit to funds belonging to countries that have more than $100 billion invested globally. An exception would apply to countries that have a free trade agreement or a tax treaty with the U.S. and are not deemed by the State Department a “foreign country of concern.” Based on public sources, the countries that are expected to be made ineligible for the tax break are Saudi Arabia, Russia, China, Qatar, the United Arab Emirates and Kuwait.
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Senator Wyden opened an investigation in June into the PGA-PIF deal’s financial structure and implications for censorship and national security, given the PGA’s extensive real estate holdings near U.S. military sites. That investigation is ongoing. He and Senator Elizabeth Warren (D-Mass.) also called on the Justice Department to scrutinize the deal for potential antitrust violations.
Senate Finance Committee
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