House Republicans released a tax bill that significantly raises the excise tax on wealthy colleges' endowments, imposing rates from 1.4 to 21% based on endowment size and student enrollment. This change, criticized by higher education lobbyists like Steven Bloom, could jeopardize funding for financial aid. Conversely, Republicans argue this targets special interests. The bill forms part of a larger reconciliation package aimed at cutting federal spending and reforming taxation, reflecting a shift in fiscal policy under current GOP leadership.
Under the economic policies of President Biden and Washington Democrats, the wealthy and well-connected benefitted from taxpayer handouts. The Ways and Means Republican tax bill ends special interest giveaways and will hold the woke elite and entities that benefit from the tax code accountable.
It essentially takes bad policy and makes it worse. Almost 50 percent of endowment spending is on financial aid ... This money is going to come right out of that. It's just really unfortunate.
Every day, we are one step closer to delivering President Trump's one big, beautiful bill. Let's get it done and do some good for the American people.
The tax rate for each institution would range from 1.4 to 21 percent, depending on the size of its endowment and the number of students it enrolls.
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