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… Colleges and universities will likely face an increase in taxes on their endowments after Republicans’ “Big, Beautiful Bill” passed the House and is now headed to the Senate.
While some reports indicate administrators have hired lobbyists to try and water down the proposal, observers say some sort of tax hike is likely in the offing for these institutions.
Rather than a flat rate, House Republicans seek to increase taxes on private university endowments ranging from 1.4 percent to 21 percent, according to the legislation.
The law would hold “woke, elite universities that operate more like major corporations … accountable, ensuring they can no longer abuse generous benefits provided through the tax code,” states a report from Republicans on the House Ways and Means Committee.
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