Universities are smarting over this new tax

Crain's Chicago Business reports:

The University of Chicago, Northwestern University and the University of Notre Dame are likely to owe more than $30 million in new taxes for this year under a new levy helping to fund President Donald Trump's 2017 corporate tax cuts.

The schools objected again recently to the 1.4 percent excise tax on their investment income that took effect this year, but they're also grudgingly adapting as next year's tax season approaches.

In the U.S., about 2,000 private and public schools have endowments collectively worth nearly $600 billion, but only about 40 of the wealthiest, including U of C, Northwestern and Notre Dame, will likely pay the new tax passed as part of the 2017 Tax Cuts & Jobs Act. Big donors to the Chicago-area schools have included heavyweights like Citadel founder Ken Griffin and Guggenheim Partners CEO Mark Walter. The new tax isn't sitting well with that class of donors.

Nice endowment you've got there... The socialists begin to feel the outcome of their rhetoric .