Arizona Republican Rep. Eli Crane is introducing legislation to tax the multi-billion dollar endowments of colleges and universities.
This is way past due. Harvard and many other schools have endowments that are larger than the GDP of most of the countries on the planet.
Following all of the shocking displays of anti-Semitism and support for Hamas on college and university campuses in recent months, several billionaire donors have pulled support for various schools but that isn’t enough.
The way to create real change in our radicalized higher education system is to hit them where it hurts. Right in the wallet.
‘Enough Is Enough’: New Plan Introduced to Tax University Endowments
Arizona Republican Congressman Eli Crane has introduced legislation to tax massive endowments held by the country’s elitist academic institutions as their leaders repeatedly fail to offer moral clarity on a variety of issues.
Taking to Twitter, Crane announced the filing in response to the presidents of Penn, Harvard and MIT refusing to fully condemn calls for genocide against Jewish students on campus. A number of lawmakers are onboard.
In the tweet below, Crane says: “Enough is enough. We’re $33 trillion in debt & the “elite” institutions of this country are failing the American people & abusing federal funds. I have filed legislation to defund any university with an endowment greater than $5 billion. We have to start somewhere.”
Enough is enough. We’re $33 trillion in debt & the “elite” institutions of this country are failing the American people & abusing federal funds.
I have filed legislation to defund any university with an endowment greater than $5 billion. We have to start somewhere. https://t.co/ygh0hY0Giz
— Rep. Eli Crane (@RepEliCrane) December 6, 2023
Chip Roy of Texas is on board.
Co-sponsor. Relatedly, I tried to offer an amendment a few weeks ago restricting federal funds to universities that are subject to the endowment tax (that would capture a large number of these academic hell-holes)… but it was ruled non-Germane… but we will fix that next time. https://t.co/ciW1Z7jBPx
— Chip Roy (@chiproytx) December 6, 2023
Senator Rick Scott is also talking about this.
Elite colleges are taking BILLIONS from American taxpayers, all while propping up antisemitism and pushing radical political agendas.
We must pass my COLLEGE Act and ensure universities use endowment funds to lower tuition, not line their coffers to push a political agenda. pic.twitter.com/1k4koYE9Ot
— Rick Scott (@SenRickScott) December 1, 2023
Conservatives don’t usually cheer for new taxes but many will make an exception in this case. These schools need to feel pain in order to change. Americans have had enough of these radical left-wing indoctrination centers.