Republican lawmakers proposed to significantly increase taxes on the richest US universities, broadening a fight between the Trump administration and elite higher education.
Private colleges and universities with at least 500 students and endowments exceeding $2 million per student would pay a rate of 21% on net investment income under a bill released Monday as part of the House’s plan to extend the 2017 tax cuts. That’s up from the current tax of 1.4%.
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