Robbin’ Hoods

Outside The Wire ^ | Bob Parks

[bocopar]

Almost two years ago, I warned those who longed for a Democrat president to compliment a Democrat House and Senate, look no further than the great example that would be the Commonwealth of Massachusetts. Start with carpetbagger Governor Deval “Together we can” Patrick and a fiscally undisciplined legislature, and the money mess was the writing on the wall.

While overturning previous Romney-era fiscal vetoes, that gave us a billion dollar-plus surplus, and giving us an almost billion dollar deficit overnight, Massachusetts is eagerly looking for more businesses to soak for revenue, and justified or not, they now have their eyes on tax-exempt endowments from colleges.

According to The Boston Channel,

It's all part of a plan being discussed on Beacon Hill aimed at finding new revenue for the state budget. Lawmakers are considering taxing endowments at huge universities and colleges around the state. House representatives have a proposal that would impose a 2.5 percent tax on endowments that exceed $1 billion.

An example of how much the top schools would pay if the state adopted such a plan would require Harvard, with its $34.9 billion endowment, to pay $875 million to the state. The Massachusetts Institute of Technology, with its $9.9 billion endowment, would pay $247 million to the state. Boston College, with its $1.75 billion endowment would pay $43.75 million in new taxes to the state.

To be fair, Congress is also looking into this latest example of Robbin’ Hood politics.

[Mr. Jeeves]

An example of how much the top schools would pay if the state adopted such a plan would require Harvard, with its $34.9 billion endowment, to pay $875 million to the state. The Massachusetts Institute of Technology, with its $9.9 billion endowment, would pay $247 million to the state. Boston College, with its $1.75 billion endowment would pay $43.75 million in new taxes to the state.

This should be fun. Personal retirement accounts are next.

[bill1952]

I think they should slap a 50% tax on these liberal trash teaching institutions.

It’s for good liberal State causes, and ...
No liberal could possibly be against higher taxes anyway, right?

[HwyChile]

The liberal universities are always cheering on their liberal tax and spend friends in government, especially since the universities are tax exempt 501(c)(3) organizations. I wonder how much they are going to like their buddies taxing them. The chickens come home to roost.

[massgopguy]

NOOOOOOOOOOOOOOOOOOOOOOOOOOO! I’m already paying a $1,000 per seat “fee” for the right to purchase my season tickets for BC Football.

[SuziQ]

ROTFL! I want to see just how supportive of Mr. Patrick those libs at Hahvahd, MIT, Boston Univ. and Boston College will be if this looks like it might pass. I doubt vey seriesly it will, because the state legislature, which is largely alumni of those schools, would get an earful from not only the colleges, but other alumni.