Harvard, Yale Are Among Colleges Working to Repeal Endowment Tax
- A group of colleges is helping find sponsors for a new bill
- About 30 schools would pay annual 1.4% tax on net gains
Photographer: Michael Fein/Bloomberg
This article is for subscribers only.
A tax on wealthy college endowments isn’t set to be collected for more than a year, yet schools are working behind the scenes to roll it back.
A group including Yale University is trying to help two members of the U.S. House of Representatives, a Republican and Democrat, get more sponsors for a bill to repeal the tax, Richard Jacob, who oversees federal and state relations at the New Haven, Connecticut school, said in an interview.