Harvard Would Pay Massive Endowment Tax Under Dem Nominee’s Plan
“on top of the federal endowment tax Harvard is now obligated to pay”
This is funny because when Republicans added a more moderate tax on endowments like Harvard’s last year, Massachusetts Democrats opposed it.
The College Fix reports:
Harvard would pay $500 million annual endowment tax under Democratic nominee’s plan
Bipartisanship is making a comeback!
Congressional Republicans forced through a tax on big private university endowments in last year’s tax reform package (rather watered down in the final bill). A couple Harvard Law School professors said their institution deserved the bludgeoning, given how they treat conservatives on campus.
Now the Democratic nominee for Massachusetts governor, Jay Gonzalez, is making national Republicans look squeamish by comparison.
The Harvard Crimson reports Gonzalez announced his $500 million annual endowment tax on Harvard in the belly of the obscenely wealthy beast Wednesday:
Gonzalez’s plan would levy a 1.6 percent tax on private, non-profit colleges and universities in the state whose endowments total over $1 billion. Harvard would qualify, as would four of its fellow research institutions — MIT, Tufts, Boston University, and Boston College. The four other affected schools are small liberal arts colleges Wellesley, Amherst, Williams, and Smith.
Gonzalez said at the press conference that the tax would ensure these universities finally pay their “fair share.”
“While the wealthiest among us have become even wealthier over the last several years, middle class and lower income families continue to struggle to get ahead,” he said. “I believe this is a fair proposal. These non-profit institutions have accumulated enormous wealth, in part thanks to the fact that they are not subject to taxation.”
There are three hilarious things about this. One, of course, it’s on top of the federal endowment tax Harvard is now obligated to pay. Two, the Massachusetts congressional delegation – all Democrats – opposed the federal endowment tax, according to the Crimson.
And three, it may force the rich liberals who run Harvard to throw their weight behind incumbent Republican Gov. Charlie Baker, who takes every opportunity to distance himself from President Trump in the blue state.
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Comments
Is redistributing the wealth of academic elitists to other academic institutions not part of the social justice plan?? Oops..abort, abort.
It would take a heart of stone not to laugh at the delicate academic geniuses at Harvard. They’re like Mafia wiseguys running a street corner extortion racket who are shocked to realize they’re now facing another, much stronger, and far more ruthless crew of wiseguys who intend to extort THEM.
Safe guess: I’ve got a sawbuck that says most of the top movers and shakers at Harvard will reluctantly vote to reelect Governor Charlie Baker. In many cases, this will be the first time they’ve voted for a Republican in their adult lives.