During the decade ending June 30, 2020, Yale’s investment program added $9.5 billion of value relative to the results of the mean endowment. The University’s 20-year market-leading return of 9.9 percent per annum produced $25.7 billion in relative value. Over the past 30 years, Yale’s investments have returned an unparalleled 12.4 percent per annum, adding $34.1 billion in value relative to the Cambridge mean.
Why does Yale need an endowment this absurdly large?
At that point Yale has reached critical mass to be able to provide free tuition to the whole student body.
If you really want to fix the budget, and in the process really “tax the rich”, then have the investment returns of all “non profits” taxed at the full corporate rate.