The Harvard Crimson reports:
Harvard will likely pay tens of millions annually in added federal taxes after congressional Republicans passed a $1.5 trillion tax bill Wednesday that included a tax on returns from large university endowments.
There's more:
Those pleas appear to have fallen on deaf ears. The final bill Congress passed Wednesday levies a 1.4 percent excise tax on the returns of university endowments that amount to more than $500,000 per student. Harvard falls into this category, and administrators estimated such a tax would have cost the University $43 million if it had taken effect during fiscal year 2017.
Faust specifically raised concerns Wednesday that the new tax will impact the University’s ability to fund financial aid programs.
When you tax socialists... you get less of them.
