Posted on 11/04/2017 11:28:21 AM PDT by Kid Shelleen
A proposed tax on some wealthy college endowments “has no clear policy objective other than raising revenue,” according to Cornell University, which joined other schools in opposing the provision in the House Republican tax bill rolled out Thursday.
Some private college endowments, many of which are at record values, would be taxed 1.4 percent on net investment income, according to the bill. The provision would increase revenue by $3 billion between 2018 to 2027, according to the congressional Joint Committee on Taxation.
(Excerpt) Read more at philly.com ...
American universities are yet another means-tested scam which is destroying the middle class.
For the Left and progressives (especially the smart ones who fancy themselves our elites) tax and all other government programs are social engineering programs. For them, its about changing behavior first.
"revenue" will work itself out, or come from debt and printed, fiat Federal Reserve Dollars.
The profs and their students want socialism? Well, let them get a taste of it by taxing their school’s endowment investment income, only at the rate the deplorables like me have to pay. Same thing with tearing down statues and changing school names - lets change the names of Brown University and Yale University, both of which were funded by slave-trading families. Get the Woodrow Wilson School at Princeton’s name changed - he wrote that blacks were inferior. Stanford should no longer be Stanford - he had some crank eugenics theories. Start making the left academics sustain what they glibly prescribe for the rest of us.
“These are the same people who want other people’s taxes raised... just not theirs.
Yeah, I can see why they’re opposed to the tax cut bill.”
Yes. Entirely true. Hypocrisy now having the sunlight shone on it.
To really make this bite, the next step is to mandate that the average salary for federal employees, including fringe benefits, will not exceed the average salary for full time employed people in the private sector. This is not punitive. It would simply ensure that the government and non-profit sectors do not exist in a privileged bubble.
America’s Ivy League universities are basically hedge funds that teach some college courses on the side.
We tax tobacco. Why not liberals?
I LOVE ideas like yours. Out-of-the-box, but perfectly practical and logical. To your idea of Fed pay grades linked to non-profit, tax-free status, I would also add "any institution receiving Federal grants or aid money"
That's a great idea!
Republicans shouldn’t be raising taxes. The only reason they’re doing so is because they refuse to cut spending.
It may be hypocritical for liberals to squeal about being taxed, but it’s also hypocritical when we conservatives start applauding new taxes for big government - just because we don’t like the folks being taxed. I want to be consistent. The government already taxes too much. It’s time to cut spending, not raise more taxes. Unfortunately, the RINOs in Congress won’t cut spending, so more money needs to be taken through taxes
Be that as it may, all that filthy lucre would be better spent on some new subs and than spreading communism. Tax’em ‘till their bled dry.
I have a larger tax plan as far the education industrial complex goes - get rid of “non-profit” status to any entity that charges a fee for its services. That would put the “Ivy League” where it belongs - no different than “for profit” schools.
“Non-profit” should mean “charitable” only and charity is not about charging for services.
“Tax ‘em to heck.”
I agree. Tax universities, non-profits, and foundations. Many universities profit by licensing and selling inventions and knowledge developed with government research grants funded by the taxpayer.
Too many non-profits are engaged in profit making business activities competing with private companies. Look at Goodwill and Habitat for Humanity retail stores for example.
End government grants, subsidies and tax preferences. Let the marketplace determine the value of non-profits, universities, and foundations.
That's what taxes are for.
Granted, they've also been used to punish people. Working Americans have been punished for decades. Their hard earned wages have been taken from them to give to slugs who refuse to work.
I understand your fundamental principle, and appreciate it, but this is apples and oranges. Universities are the recipient of ‘donations’ in the form of stock and ‘gifts’ - that aren’t taxed at all. They are given breaks that are beyond what you would imagine (much, much more than you would imagine), and get away with insider trading - routinely. Yet, they pay no taxes. In response, they are incredibly and vocally partisan.
“... other than raising revenue...”
And American universities don’t understand that the purpose of taxes is to raise revenue?? Are these people dimwits, or what???
This has several benefits:
* drives the rich colleges to start spending it on student tuition breaks and not infrastructure they have to pay to maintain
* could help de-fund social justice programs
* helps deplete the assets of mostly liberal colleges acting contrary to the public interest
I like Dr. Jordan Peterson’s project to identify the schools, graduate programs and departments most infected with social justice so that students and their parents can avoid them.
If you cut enrollment, they lose money as institutions and funding as departments, as well as heads full of mush to teach to hate the society they live in.
Leftists: Taxes for thee, but not for me.
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