The Senate tax reform proposal released late Thursday night includes an excise tax on large private college endowments that has been strongly opposed by higher ed groups.
The tax is similar to one in the House of Representatives bill. Private college leaders say that the tax would effectively punish colleges that have built up endowments that support student aid, research and other functions of higher education. And while the tax would be applied only to the wealthiest colleges, many fear a precedent in which the assets of colleges — traditionally exempt from tax — are taxed.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2017/11/10/senate-tax-bill-has-some-not-all-provisions-have-alarmed-higher-education-leaders
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