Comment by lotsofpulp

This comment makes even less sense than jotras’ comment.

Pension funds buy shares in businesses such as Microsoft. The money going into the pension fund is not typically a function of the tax paid by companies such as Microsoft, but rather from a combination of actuaries’ recommendations, payroll tax receipts, and politicians’ priorities.

Therefore a pension funds’ equity holdings, such as Microsoft, doing well means taxes can be lower.