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Senator Tom Coburn wants to tax NFL, NHL, PGA Tour

The National Football League generates billions of dollars every year as America's most popular sporting competition. But in the eyes of the Internal Revenue Service, it's practically a charity.

The National Football League generates billions of dollars every year as America's most popular sporting competition.

But in the eyes of the Internal Revenue Service, it's practically a charity.

Yes, the NFL is exempt from paying federal taxes. It's officially classified by the IRS as a 501(c)(6) organization, which refers to a section of the tax code that describes kinds of non-profit entities.

Now a high-profile senator wants to do something about that.

Tom Coburn (R-Okla.) has his eye on the NFL's largesse, and wants to claim a piece of it for the government. He has sponsored a bill that would bar professional sports organizations from claiming tax-exempt status. In addition to the NFL, the bill specifically targets the PGA Tour and the National Hockey League.

If the bill passes, it could generate as much as $91 million in tax revenue for year from just the NFL and NHL.

Read more from the Newark Star-Ledger here.