To help pay for tax cuts, congressional Republicans are suggesting a 1.4% excise tax on the net investment income of certain private college and university endowments. The proposal—which would apply to endowments valued at $250,000 or more per full-time student—would affect some 70 schools, including my alma mater, Claremont McKenna College. But the tax, if established, could eventually expand to cover hundreds of institutions.
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