WASHINGTON (AP) — President Donald Trump’s feud with America’s elite universities is lending momentum to Republicans on Capitol Hill who want to increase a tax on wealthy college endowments by tenfold or more.
House Republicans already were considering a hike in the tax on college endowments’ earnings from 1.4% to 14% as part of Trump’s tax bill. As the president raises the stakes in his fight with Harvard, Columbia and other Ivy League schools, lawmakers are floating raising the rate as high as 21% in line with the corporate tax rate. It appears no decisions have been made.
In a letter blocking Harvard from new funding on Monday, the Trump administration
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