Republicans in the House have included a major hike in the endowment tax in their sweeping tax and spending legislation.
The text of the tax portion of the legislative bill, released Monday by the House Ways and Means Committee, raises the tax on the earnings of the largest university endowments to 21%, bringing it in line with the corporate tax rate.
The 2017 Tax Cuts and Jobs Act, also known as the Trump tax cuts, imposed an excise tax of 1.4% on the investment income of universities and colleges with endowment assets exceeding $500,000 per student.
Read more at Washington Examiner.
