Finance reconcillation plan is out. Here's a rundown of what's happening with the endowment tax:
1. Only 3 rates and they're significantly lower than what the House wanted:
$500K-750K per FTE: 1.4%
$750K-$2M : 4%
>$2M: 8%.
🧵
1. Only 3 rates and they're significantly lower than what the House wanted:
$500K-750K per FTE: 1.4%
$750K-$2M : 4%
>$2M: 8%.
🧵
Reposted from
James S. Murphy
With the passage of the House reconciliation bill, I revised the piece I wrote about the endowment tax to reflect the weird new way Republicans want to calculate the value of a college's endowment.
If it passes as is, these are the colleges that will be taxed at 10 or even 15 times higher rates. 🧵
If it passes as is, these are the colleges that will be taxed at 10 or even 15 times higher rates. 🧵
Comments
3. Religious exemption still there, unless you were founded pre-1776 (i.e. not most of the Ivys)
Here's the text. https://www.finance.senate.gov/imo/media/doc/finance_committee_legislative_text_title_vii.pdf