The PGA Tour Retirement Plan Scam

The PGA Tour has a very generous pension plan. Wealthy plans like the PGA Tour's plan aren't supposed to get the same favorable tax treatment as retirement plans for "ordinary" workers. A wealthy pension plan isn't supposed to get a tax break, and it's supposed to be treated as taxable income each year as the plan accrues interest.

However, there was a tax law passed with a specific exemption for organizations that were incorporated on July 2, 1974. Any organization that was incorporated on July 2, 1974 is exempt from the tax requirements on wealthy pension plans. As you may have guessed, the PGA Tour was incorporated on July 2, 1974.

The government is supposed to be forbidden from passing laws that benefit a specific person or organization. This is totally wrong.

That is such a huge abuse of government power. The tax code and other laws are filled with breaks for specific individuals or corporations.

That is one of many reasons that I say the current government has no legitimacy at all.