"Over the summer, the Trump administration held an unusual Independence Day celebration at the White House. A live band warmed the crowd with renditions of Chaka Khan's "Ain't Nobody" and Pharrell Williams's "Happy" before the president emerged from the first-floor balcony of the executive residence. Supporters sporting red MAGA caps looked on as he signed the Big Beautiful Bill into law beneath the South Portico's white columns."
"Ten universities have been hit the hardest, as Princeton, Yale, and MIT brace for an 8 percent endowment tax, and Stanford, Harvard, Notre Dame, Dartmouth, Rice, Vanderbilt, and the University of Richmond face a 4 percent tax, according to an analysis from Forbes. The selection was determined by endowment size per student: Schools with more than $2 million per full-time tuition-paying student face the 8 percent rate, while those between $750,000 and $2 million per student pay 4 percent."
A White House Independence Day celebration prefaced the signing of the Big Beautiful Bill, which the president touted alongside promises of large tax cuts and exemptions for certain incomes. The bill also contains provisions that change university finances, and affected institutions began facing substantial tax increases on New Year's Day. Ten universities were hit hardest: Princeton, Yale, and MIT face an 8 percent endowment tax, while Stanford, Harvard, Notre Dame, Dartmouth, Rice, Vanderbilt, and the University of Richmond face a 4 percent tax. The policy uses endowment size per full-time tuition-paying student to determine rates.
Read at The Nation
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