BPR; Republicans are searching for ways to “pay for” their tax cuts. Democrats want the rich to pay more tax. Here’s a solution that should make everyone happy.
House Ways and Means Committee Chairman Jason Smith is suggesting a tax on the $840 billion college endowments. These endowments will soon eclipse $1 trillion in size — more money than the entire GDP of many countries.
It’s high time that bloated and entitled universities pay their fair share for the government services they use.
Why not? Their professors forever lecture us about tax “fairness,” but the schools where they teach a few hours a week for their munificent salaries are the very embodiment of mostly white “privilege.” They are the richest institutions in the world that go untaxed.
The cost of this leakage to the tax base is going to grow exponentially as this generation of billionaires (Jeff Bezos, Bill Gates, Mark Zuckerberg and others) passes on trillions of dollars; much of it will enter into the vaults of the universities. These are capital gains that have NEVER been taxed — and never will be.
^^This
Triple the tax for Woke and watch how fast it departs.
Absolutely. Incidentally, if there’s going to be student loan ‘forgiveness’ the ones issuing the loans should bear the burden, not the taxpayers.
Yeah, it’s become insane. In our country pre-communist party, it worked. No more.
Use some of those tax proceeds to incentivize the construction and staffing of insane asylums. The market for them is huge.
“Republicans are searching for ways to “pay for” their tax cuts.”
I suspect this was lost on most people, but Stephen is ridiculing all those leftist idiots who do not understand basic economics. Reducing taxes has a stimulative effect on economic activity which leads to an increase in government revenue.
Lower income tax rates puts more money in the hands of consumers putting it back in circulation expanding economic growth, higher GDP. And lower corporate taxes encourages growth (new factories, more money for R&D, and more/better paying jobs). Production of goods increases, buying power increases and all these transactions create tax revenue.
JFK, Reagan, Bush, and Trump first term, all demonstrated this, lower taxes equals more economic activity, it is un-deniable.
@txfella
The problem with that is Obama brought all student loans under the government umbrella.
Even though in a hearing about it, the fucker accused banks of abusing students, until one of the CEOs, who I’m sure voted for the great black hope, explained it to him.
So we are on the hook.
When the president withdrew 400 million in grants to Columbia it was merely pocket change. They get funding from alumni for over 5 billion. Rescind their tax exempt status and tax hell out of them.