Another option would be to end the taxexempt status of colleges not serving the public interest. Revenue sharing or new tax policies favoring needy colleges are among the other options Congress should consider, he says.
“It’s not clear to me that Harvard would put $1 billion to better use than an HBCU,” according to Mortensen.
Overall, more than 60 colleges and universities have endowments of at least $1 billion, Grassley says, and more should act. “Yale’s action shows that despite some squawking, the sky won’t fall when universities increase the amount of money they spend from their endowments,” he adds.
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