🚨🇺🇸 Private Colleges With Massive Endowments Face Tax Hike Under Republican Plan
A proposal seeks to raise the tax on private institutions’ endowment income from the current 1.4 percent to as high as 21 percent, aligning it with the corporate tax rate. The committee’s chairman, Rep. Jason Smith (R-Mo.), said the changes would do away with what he described as unjustified privileges for elite institutions.
A proposal seeks to raise the tax on private institutions’ endowment income from the current 1.4 percent to as high as 21 percent, aligning it with the corporate tax rate. The committee’s chairman, Rep. Jason Smith (R-Mo.), said the changes would do away with what he described as unjustified privileges for elite institutions.