Posted on 03/30/2016 7:25:25 AM PDT by outpostinmass2
A tax proposed by top legislators on the earnings of Yale's sizable endowment was shot down Tuesday by the administration of Gov. Dannel P. Malloy.
"Many proposals are put forward during the legislative session, and many stay as just that - proposals. We value Yale, the students it educates, the research and innovation it generates, and the neighborhoods it strengthens in New Haven," said Devon Puglia, the Democratic governor's spokesman. "As the governor has made clear, we don't believe that new taxes should be part of our solution as Connecticut adjusts to a new economic reality. Instead, we should make the spending reductions necessary for living within our means."
The proposal – backed by by Senate President Pro Tem Martin Looney and Appropriations Committee Co-chair Toni Walker, both Democrats from New Haven – generated national attention.
Florida Gov. Rick Scott Tuesday pitched his state as a new home for the Ivy League school if the tax moved forward, an offer Yale quickly declined to consider.
"It's wonderful to be recognized as an outstanding asset, but Yale, New Haven, and Connecticut have been on common ground to great mutual benefit for 300 years. We're looking forward to reaching even greater heights in education, research and civic engagement over the next three centuries and more," said Tom Conroy, Yale's press secretary.
University officials opposed the proposed tax, which could generate millions for the state, and promised to challenge its constitutionalityin court.
Here's the Republican governor's full press release:
I fundamentally disagree with the liberal legislature overreach here, which I’m sure would have been struck down in the courts; however, I loved the idea of these libtard gasbags getting a dose of their own socialist medicine.
If Malloy is the adult in the room, you’re in big trouble!
I see a tenured faculty position at Yale in his future.
No honor among lefties when it comes to money. If you’ve got a ton of it they will go after you regardless if you’re fellow travelers. They will revisit this issue again. You can bet on it.
Malloy would rather screw the hospitals.
CT was such a nice place when I was growing up in the 1950s and 1960s.
the Democratic governor’s spokesman. “As the governor has made clear, we don’t believe that new taxes should be part of our solution as Connecticut adjusts to a new economic reality. Instead, we should make the spending reductions necessary for living within our means.”
Living within their means, What a concept. I would have figured he was a Republican if the article had not specifically noted he is a democrat.
How come we never hear the term “Big Education”, like we do “Big Oil”?
C’mon Malloy - tax the 1 percenters like they deserve! LOL
How can you not do a “good” job when you live tax free.
No income, capital gains, property, federal or state tax. They have a captive market that they can essentially raise the cost to any price.
My real question is what are they doing with all their wealth? Has anyone ever really investigated them financially? I can only imagine the largess that these educators live.
I believe that the constitutional issue was resolved when Daniel Webster represented Dartmouth in a controversy over imposed taxes and the SCOTUS decided that Dartmouth held a royal charter from colonial times (as I believe does Yale) and is governed by the terms of that charter which are, essentially, a contract and that state and local governments are not allowed to interfere through legislative action with such contracts. I have not read the decision in decades and I welcome correction.
We had a business once in Boston called Wang. Wang built libraries and hospital wings. Wang brought a former theatre back to glory still called Wang Theatre to this day. They also paid taxes. This was all done in 20 short years. No college came close to the philanthropy of Wang back in the day.
Colleges today are not the same colleges of yester-year. They are multi-$Billion tax-free corporations.
I don’t disagree with you that schools like Yale have a lot of clout and a lot of tax free property. But the answer IS NOT to tax one of the dwindling number of resources that bring money into CT. The solution is to work with a Trump administration to bring back manufacturing jobs.
You have FReepmail,
I used to do legal research at their Sterling Memorial Law Library. Some who worked there well knew that I was a right-winger and not directly related to Yale but no one objected to my using that library.
I met my wife when she was a Yale undergraduate (converted to Catholicism and to conservatism as a Yale student as many have been contrary to popular fears. I met and associated with John Bolton when he was a Yale undergraduate and law student and a LOT of other significant conservatives who are less famous.
I know of no one who claims to have become a conservative by association with Wang or any other business corporation. I know many who became conservatives because of the clash of ideas at Yale.
The proponent of this idea of taxing Yale is New Haven State Senator and Senate President Martin Looney, a leftist to the core. He is a stumbling, bumbling human bobble head whose prominence says much more about Connecticut's current degeneracy than does even a disgrace like Malloy.
Looney is an enemy of permanent things, an enemy of Western Civilization, yet another "Catholic" cheerleader for the slaughter of innocent babies, for perversion posing as "marriage" and other abominations (not unlike Malloy). OTOH, on that rare occasion when Malloy rises to defense of Yale and Western Civilization, even Malloy ought not to be bashed for it.
You are in Massachusetts apparently. Harvard plays a similar role there as does Dartmouth in New Hampshire, probably Brown in Rhode Island, Columbia in New York. I am less familiar with the University of Pennsylvania and Cornell. Trump attended the Wharton School of Finance at Penn, Ann Coulter attended Cornell, Laura Ingraham and Dinesh D'Souza attended Dartmouth, Bobby Jindal attended Brown. Taxing such great universities (whatever their failings) is an act of barbarism.
Because “Big Education” is more likely to be a taxpayer-supported state university featuring major football and basketball programs and little in the way of academic distinction. All too often a taxpayer-subsidized overpriced venue for the employment and “prestige” of academic liberal airheads. This also includes private mega-schools like the University of Notre Shame-—great football, nothing resembling academic integrity or competence or actual Catholicism.
Wonder if "Wang Chung" ever played there?
“Taxing such great universities (whatever their failings) is an act of barbarism”
You doth protest too much. It is also easy to become a permanent institution when you are free of the burdens of taxation. Harvard, Yale et al could easily absorb a tax. Heck all of their professors push and vote for the increase of taxes on a daily basis. Harvard has an endowment of $40 Billion. Yale has a $25 Billion endowment. They don’t even pay property tax. You greatly exaggerate the worth of Yale and diminish the philanthropy of Wang. I say the institutions that push for more socialism should start spreading the wealth. Why am I paying more in taxes than Yale? My contributions to science and patents for medical devices should at least warrant a tax free life on par with Yale. I am even passing on my wisdom to my children as well as volunteering my time for many years to youth sports. Treat me like Yale!!
I don’t disagree with you that schools like Yale have a lot of clout and a lot of tax free property. But the answer IS NOT to tax one of the dwindling number of resources that bring money into CT. The solution is to work with a Trump administration to bring back manufacturing jobs.
I agree but CT is in dire straights and refuses to make cuts in government. They have no where else to go and Yale has a lot of money. Manufacturing will not return to CT anytime soon and their government refuses to reform. Yale has a lot of money and it appears their employees are enthralled with socialism. What’s good for the goose is good for the gander.
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