Ivy League and other highly profitable universities saw an opportunity and pounced.
After congressional Democrats urged President Biden to forgive as much as $50,000 per student loan borrower, which is just being transferred to taxpayers like you, these wealthy schools decided to raise their tuition because they know American taxpayers will foot the bill.
Thankfully, three Republicans in the House of Representatives introduced legislation aimed at these schools to put an end to their selfish tactics. These institutions need to be held accountable for their role in our nation’s ballooning student debt while they profit.
How do we fix this? We pass the Higher Education Accountability Act which will:
1) Raise the excise tax to 10% from 1.7%
2) Universities that increase the net price of attendance by more than the rate of inflation over a three-taxable-year period would instead face a 20% tax
3) Lower an endowment’s per-student value threshold to $250,000 from $500,000, a change that would result in 65 more educational institutions being subject to the tax
1) Raise the excise tax to 10% from 1.7%
2) Universities that increase the net price of attendance by more than the rate of inflation over a three-taxable-year period would instead face a 20% tax
3) Lower an endowment’s per-student value threshold to $250,000 from $500,000, a change that would result in 65 more educational institutions being subject to the tax
These are steps we MUST take to be successful.
ADD YOUR NAME to raise taxes on University endowments!