“Although the amount is trivial it is symbolic and the Universities are sure to scream.”
It’s not trivial if it’s yearly. 14% over 10 years...
How will Harvard afford Liz Warren at $400,000 a year for teaching 1 class? Oh the huge manatee!
Only the investment income is taxed, and only 1.4% of that. The fund itself remains untouched. 98.6% of the growth is untouched.
Maybe the colleges will have a Tea Party.