Wow, finally! I have dreamt about this for years:
Their tax proposal seeks to subject private universities with endowments of more than $250,000 per full-time student to a 1.4 percent excise tax on their net investment income. There are about 70 such universities. . . .
This is fantastic news, folks. The Ivies and other super expensive colleges are corporations that have been able to avoid taxation under entirely false pretenses up to now. They sit on those multi-billion endowments while forcing underpaid instructors to pay out of pocket for photocopies they use in class.
I’m now understanding why the vile Larry Summers is so against this tax plan. He’s benefited massively from being part of such an untaxed corporation.
Wow, this is huge. I didn’t think I’d ever see this even attempted. It’s a dream come true.