Sunday, December 24, 2017

Making the Obscenely Rich Pay More Taxes": Democrats Furious

Along with the loss of interest deduction on mortgages larger than $750,000 (because that's atypical middle class mortgage), another part of the tax bill (not a tax cut bill because it raises taxes on the rich).  12/22/17 Politico:
The Republican tax bill directly targets the nation’s elite private universities — including Harvard, Yale and Princeton — with a new levy aimed at multibillion-dollar endowments that have never before been taxed.
Under the bill headed to President Donald Trump’s desk the most well-to-do private universities would have to pay a 1.4 percent tax on earnings from their endowments, which are largely built on donations from prosperous alumni and enhanced by investments. Although scrutiny of wealthy college endowments has grown in Congress in recent years, the reality of the new tax has left higher-education leaders reeling.

1 comment:

Gladorn said...

Well, good. Sadly this will be portrayed as a right wing attack on education, as opposed to taxing fat cats that have been skirting for ages.