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Some colleges have billion-dollar endowments — and now the GOP wants to tax them for it
Business Insider ^ | 11-3-2017 | Abby Jackson

Posted on 11/03/2017 4:37:52 AM PDT by Anti-Bubba182

House GOP leaders released sweeping tax legislation on Thursday.

Colleges and universities will pay a 1.4% excise tax on their endowment investment income if the "Tax Cuts and Jobs Act" is passed.

It's a big change from the current system, where college endowments are not taxed.........

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: endowments; tax
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To: Anti-Bubba182
Although the amount is trivial it is symbolic and the Universities are sure to scream.

By that measure, the original income tax was "symbolic" and look where that got us. Perhaps it will get Harvard there, too.

61 posted on 11/03/2017 9:13:36 AM PDT by AZLiberty (The logical endpoint of "zero-tolerance history" is zero history.)
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To: Boardwalk

True that.


62 posted on 11/03/2017 9:24:45 AM PDT by georgiarat (The most expensive thing in the world is a cheap Army and Navy. - Carl Vinson)
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To: AZLiberty

Amen!


63 posted on 11/03/2017 9:36:25 AM PDT by Anti-Bubba182
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To: Boardwalk

The “Ivies” have an agreement among themselves to not award scholarships based on merit, only “financial need” ( and diversity). In a sane world, this would be prosecuted as illegal price fixing. Remove this, and the schools would have to compete on price to attract the best students.


64 posted on 11/03/2017 9:42:46 AM PDT by SauronOfMordor (Socialists want YOUR wealth redistributed, never THEIRS!)
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To: Palavar
I hold no envy of, or any dislike of endowments in general, unless they're being used as a money-laundering vehicle, or some kind of political quid pro quo scheme.

I hate to see the tax code used as punishment for any earned money as well, but I'd hate to see otherwise-deserving students being unable to afford college because the endowment is run too tightly. Still, it's their money...

65 posted on 11/03/2017 9:56:09 AM PDT by Lou L (Health "insurance" is NOT the same as health "care")
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To: kearnyirish2
I know many students can’t get government money if the family has too much income or assets; does it bother you that these schools get taxpayer money while sitting on these piles of money?

I spent six years Active Duty as an enlisted troop when I joined the Active Reserves so I could finish college.

I was on my own with parents retired and had nothing but my old GI Bill and a low-paying job. My university made me apply for Pell Grants and the admissions office told me I had to include my parents income. I told the ignorant young woman I was not only an adult on my own but had six years of military under my belt in a duty that had me do more for my Country than she would ever do in her lifetime.

She got really ticked off and took my submission but I was turned down because I had a "scholarship" from the Government in the form of my $410 per month GI Bill.

66 posted on 11/03/2017 2:11:09 PM PDT by OldMissileer (Atlas, Titan, Minuteman, PK. Winners of the Cold War)
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To: Anti-Bubba182
i'd settle for ZERO govt $$$ going to them for any reason, prolly make out better in the long run
67 posted on 11/03/2017 3:09:47 PM PDT by Chode (You have all of the resources you are going to have. Abandon your illusions and plan accordingly.)
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To: castlegreyskull
I would like to think they are used to make tuition cheaper for their students.

I would like to think there is a calorie free candy that tastes good and has no side effects.

However, back on planet reality....

68 posted on 11/03/2017 3:13:59 PM PDT by Harmless Teddy Bear (Not a Romantic, not a hero worshiper and stop trying to tug my heartstrings. It tickles! (pink bow))
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To: Anti-Bubba182
Although the amount is trivial it is symbolic and the Universities are sure to scream.

In this case, hopefully there will be "incremental increases" in the coming years, as there is with most taxes.

69 posted on 11/03/2017 6:08:12 PM PDT by Oatka
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To: OldMissileer

That is ridiculous (to include your parents’ income when you’ve been on your own), but at least it was for a grant rather than a loan (even though you didn’t get it).

Young people today are very wary of college, and I don’t blame them; if you could earn enough to repay the loans or recapture your investment, your potential employer would be bringing foreigners in to take the job for less anyway...


70 posted on 11/04/2017 5:40:47 AM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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