Tom Cotton should go further: An endowment tax should not exclude big foundations
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PressureinCongressisrapidlygrowingtorespondtotheLeft-leaningtiltofuniversitiesbyincreasingtheexcisetaxontheirendowments. There’snodoubtthatforlegislatorsconcernedaboutboththequalityofeducationandlookingforawaytoraiserevenuewithoutincreasingtaxrates,endowmentssuchasHarvard’s$50billionorYale’s$40billionendowments,buoyedbytax-exemptgifts,areaninvitingandnotinappropriatetarget.ArkansasSenatorTomCottonhasproposedaone-timetaxonsuchlargeholdingsinordertoraise$16billion.
Butthere’sanothersimilargroupofendowmentsthatshouldgetCongressionalattention:thefast-growingfinancialholdingsofthelargestprivatefoundations,whicharebothalmostallultra-Progressiveandevenlessaccountablethanuniversities.Ford,Bloomberg,MacArthurandtheirkindon’thavetorelyon
