NOTE: This download expired May 31, 2018. See message below.
Summary: The AFF plan will repeal the provision put into the December 2017 tax reform law that imposed a 1.4% tax on the income from endowments of private colleges.
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About "Endowment Tax Repeal (AFF)"
The well-publicized tax reform bill passed by Congress at the end of 2017 contained a little-known provision that imposes a 1.4% tax on the income of certain private college endowment funds. Endowments are big pots of money that come from outside charitable donations, stored up and invested for the long-term benefit of the college. Income from the investments funds programs and financial aid. The tax applies only to private colleges (not state/public colleges) and only to those with endowments that amount to over $500,000 per enrolled student.
This is bad for several reasons. First, the tax was designed by the Republican Congress to punish colleges perceived as politically left-wing. We know this because of the way some Congressmen tried to amend the bill to exempt two specific colleges (Berea and Hillsdale) known to have a “conservative” outlook. That’s bad because legislation intended to tax people with specific ideologies is a violation of civil rights under the First Amendment. Taxing endowments also takes money away that is currently being used to lower tuition for poor students, and for all students for that matter. This raises college costs and puts students more heavily in debt.
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