Summary: Negative argues that these colleges are few and wealthy, so there will be no negative impacts.
Released: Filed Under: NCFCA Policy
About "Endowment Tax Good (NEG)"
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 (where those endowments total more than $500K/student). Negative argues that these colleges are few and wealthy, so there will be no negative impacts.
In fact, it’s unjust to raise taxes on everyone else so that a few can be subsidized tax-free to go to Harvard or other elite schools. If these schools were really using these endowments to help students, they wouldn’t be charging $40K or $60K per year to attend there. But the endowment income is either just being hoarded, or else it’s funding useless bureaucracy, luxury accommodations, or other frills, while students at these rich-endowment schools still have to take out loans to attend.
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