Senate Matches House's 1.4% Tax Proposal for College Endowments
- Schools say any tax is detrimental to education missions
- Universities hold more than $500 billion in endowment assets
House and Senate Try to Push Tax Plans Through Congress
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The Senate version of the Republican tax bill would tax wealthy private college endowments at 1.4 percent of net investment income, the same levy as the House proposal introduced last week.
Colleges are lobbying against the House plan, calling it a cash grab that’s detrimental to their educational missions. The latest version of the House bill affects roughly 70 U.S. schools whose endowments hold more than $250,000 per student. The Senate proposal uses the same threshold.