"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
The new tax on Harvard
Source Date:
Sunday, October 22, 2017
Categories:
The Republican tax bill directly targets the nation’s elite private universities — including Harvard, Yale and Princeton — with a new levy aimed at multibillion-dollar endowments that have never before been taxed.
Under the bill headed to President Donald Trump’s desk the most well-to-do private universities would have to pay a 1.4 percent tax on earnings from their endowments, which are largely built on donations from prosperous alumni and enhanced by investments. Although scrutiny of wealthy college endowments has grown in Congress in recent years, the reality of the new tax has left higher-education leaders reeling.