Yale President Salovey attacks Republican tax plan

The Yale Daily News reports:

As President Donald Trump prepared to sign into law the biggest federal tax overhaul in decades, University President Peter Salovey told the News on Thursday that while he opposes the bill’s tax on endowment income, he is “relieved” and “encouraged” that the final version of the plan does not inflict more damage on higher education.

The Republican tax bill, which passed Congress on Wednesday, will subject Yale and 34 other universities to a 1.4 percent tax on endowment returns every year. In fiscal 2017, Yale — which has a $27.2 billion endowment — would have had to pay around $25 million in taxes on its endowment income if such a tax had been in place.

“The tax on investment income breaks the longstanding consensus that charities should not be taxed,” Salovey said in an email to the News. “I worry that Congress will not stop here, and other schools, as well as libraries and museums, will be taxed in the future.”

Wealth socialists fear they'll have to pay up.