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Republicans are discussing a boost to the 1.4% endowments tax. And colleges are panicking, especially because they don’t think even a D.C. judge will be able to rule that a congressional spending package’s tax hike is in violation of the Administrative Procedures Act which is pretty much all they’ve had until now.
How high should it be?
Is there any reason that the endowments tax shouldn’t match the corporate tax rate?
Despite the coming media claims that hiking the tax will destroy higher education for a generation of students, the endowments tax has been rated at schools with an endowment of $500,000 per student. There’s only so many colleges that meet that criteria and they tend to start at the very top. These are schools, like Harvard, with massive billions in endowments and very little of that money is being spent on students.
What is it being spent on? Deans. The educational system is filled with as many and in some cases more administrators than full-time professors. Some of the money goes to trendy causes. The amounts that go to providing a decent education are minuscule.
Lefties love taxes but they don’t believe that Harvard should have to pay its fair share. Taxes are for other people. For small businesses. Not for colleges with billions in the bank pushing class warfare.
But maybe that’s about to change.
Maybe put a tax on foreign endowments to universities.
It should be the same sliding scale applied to regular interest income. The current marginal federal tax rate on interest income is approximately 37% on interest income over $626,000. The rest of us have to pay it so why shouldn’t Harvard and other academic institutions?
It’s only fair that ALL laws be applied equally without exceptions. Of course, that’s wishful thinking because we all know that in reality, that’s not how laws or justice works. It never has and it never will.
In Australia between 1985 and 1995 the number of tertiary academics increased by 80%.
In the same time period the number of tertiary bureaucrats increased by 800%.
It has become worse since.
Well, I have to give Hahvard credit for being consistent. It’s been a Jew hater ever since it came up with Jew quotas back in the day. Now it supports Hamas.
I hope President Trump fucks it up the ass.
What about requiring university professors and administrators who receive US government grants to wear ankle monitors? And those who receive them from foreign grants to wear a shock collar too?
Better yet, require them to turn in weekly expense reports and receipts on every dime of the grant money they spend. Any discrepancies detected will immediately and automatically subject them to an IRS audit.
Leftists always want taxes on others but never want to pay them themselves. Leftists hypocrites vote for higher taxes yet they use every available item in the tax law to keep as much money as they possibly can. Why don’t they pay more than the government expects from them if they really believe their own ideology? Because they don’t really believe it. Ask a lib whether they send money to the government or to a private charity if they want to give to the needy. 100% give more to the private charity. Why? Because they know the government will waste it and the government solves nothing while they simply shuffle the money from one persons hands to another
Deans? Oh, the best colleges have more VPs than deans.
The rich must pay their fair share!!!!!! Unless it’s the rich that are the personal playgrounds that create the Left Wing Loonies that are destroying the country. Then no! Government must support these rich people who only have a $52 Billion endowment to support therm.
(1) End tax exempt status for universities with assets exceeding their annual expenditure on physical plant and instructional salaries by a factor of ten.
(2) Tax university income from investments on the same basis as corporations.
(3) Tax foreign payments to universities 25%.
Should do the trick.
Let’s just have them pay the same tax rate as any other business. And eliminate private and corporate contributions to be used as tax deductions.