Some colleges have billion-dollar endowments — and now the GOP wants to tax them for it

The Business Insider reports:

College and university endowments will be taxed under the proposed "Tax Cuts and Jobs Act," released by House GOP leaders Thursday.

Under the proposed sweeping legislation, private universities with assets of more than $100,000 per student will pay a 1.4% excise tax on their net investment income. Small colleges will be exempt from the tax.

That's a big change from the current system, where colleges aren't taxed on their endowment earnings because they're nonprofit institutions.

It's a benefit some higher-education experts have argued should be reevaluated, as universities can grow their endowments with the help of in-house private equity managers — sometimes by huge margins. President Donald Trump also previously criticized colleges on the issue. "Universities get massive tax breaks for their massive endowments," Trump said last year.

For fiscal year 2017, college endowments with more than $500 million had a median investment gain of 13.3%. For endowments of all sizes, that gain was 11.3%

Is it time for Marxists to pay their "fair share" ?