Private colleges and universities with very large endowments pay a federal excise tax on endowment investment income. Legal requirements dictate how endowment payouts can be used.
But not everyone was pleased. Some people used the occasion to spotlight academic institutions — especially those with large endowments — as needlessly untapped sources of funds.
"Harvard is sitting on top of a $54 BILLION hedge fund they call an ‘endowment’ that they pay zero taxes on," tweeted, the founder of the conservative nonprofit Turning Point USA."Yale has $31 Billion. Stanford $29 Billion. Princeton $26 Billion. ‘Elite’ schools sit on a goldmine but the middle class will foot the bill for student loan forgiveness."
Harvard is sitting on top of a $54 BILLION hedge fund they call an"Endowment" that they pay zero taxes on"Elite" Schools sit on a goldmine but the Middle Class will foot the bill for Student Loan ForgivenessAn endowment is a group of donation-supported investments a college or university uses as a source of long-term funding.
The numbers Kirk cited are in the ballpark. But his tweet oversells the liquidity and versatility of these endowments. They are not cash reserves that schools can draw on without restriction. The tweet also misleads about taxation — the largest of these endowments have been taxed by the federal government since a 2017 law went into effect, though the institutions themselves
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
PolitiFact - Some university endowments are taxed. There are limits on how endowment funds can be spentPrivate colleges and universities with very large endowments pay a federal excise tax on endowment investment income. Legal requirements dictate how endowment payouts can be used.
Baca lebih lajut »
Should We Humanize Inhuman Acts?Go inside the mind of a killer... with sympathy? Here's what empathizing with people who've committed even the most horrible acts can show us about the society that created them.
Baca lebih lajut »
I Can’t Stop Wearing This $20 Amazon Crop Top That’s So Similar to Lululemon’s Align TopI seriously am obsessed.
Baca lebih lajut »
Strictly Come Dancing's Kevin Clifton opens up about partner Stacey Dooley's pregnancyKevin Clifton opens up about partner Stacey Dooley's pregnancy
Baca lebih lajut »
Strictly Come Dancing's Kevin Clifton opens up about partner Stacey Dooley's pregnancy'I am gonna have to grow up now!'
Baca lebih lajut »