Harvard Clash With Trump, New Tax May Cost $1 Billion a Year

Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually.

The university said its leadership in each school and unit will continue to cut expenditures and a hiring freeze for faculty and staff remains in place, according to a letter sent out by president Alan Garber and other leaders on Monday.