Cotton Introduces Bill to Tax Private University Endowments

[mahatmakanejeeves]

The number one question is, who does this exclude?

Hat tip, Dinesh D'Souza

One of the best ideas I’ve heard in a while. Here’s a redistribution of wealth scheme I can get behind. This should be part of the GOP platform in 2022 and 2024

Link to tweet

MAY 11, 2021

COTTON INTRODUCES BILL TO TAX PRIVATE UNIVERSITY MEGA-ENDOWMENTS, SUPPORT WORKFORCE TRAINING PROGRAMS

FOR IMMEDIATE RELEASE

Contact: James Arnold or Mary Collins Atkinson [phone]
May 11, 2021

Cotton Introduces Bill to Tax Private University Mega-Endowments, Support Workforce Training Programs

Washington, D.C. — Senator Tom Cotton (R-Arkansas) today introduced the Ivory Tower Tax Act, legislation to impose a one-percent tax on the value of the endowments of the wealthiest private colleges and use the funds to support vocational education and training. This bill also requires these institutions to draw down five percent of the value of their endowments each year. Bill text may be found here.

“Our wealthiest colleges and universities have amassed billions of dollars, virtually tax-free, all while indoctrinating our youth with un-American ideas. This bill will impose a tax on university mega-endowments and support vocational and apprenticeship training programs in order to create high paying, working-class jobs,” said Cotton.

The Ivory Tower Tax Act would:

Levy a one-percent tax on the fair market value of endowments held by the richest private colleges. The tax would apply to private colleges that 1) have more than 500 full-time enrolled students, 2) have endowments worth more than $2.5 billion and $500,000 per full-time enrolled student, 3) do not have a religious mission.

Generate an estimated $2 billion in revenue per year, which would be redirected to support vocational and apprenticeship training programs.

Require the richest private colleges to distribute at least five percent of their endowment to support their educational mission per year, or else face a penalty. This requirement mirrors the tax treatment of private foundations.

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[redstatebluegirl]

1. Tax Churches first.

[Hugh_Lebowski]

3. You see where he wants to exclude Universities with a 'religious mission', right?

These people are such assholes.

[redstatebluegirl]

4. Of course the religious colleges indoctrinate new GOP

members.

[Hugh_Lebowski]

2. Hey wingnuts? Universities tend liberal for two simple reasons ...

1) Younger people tend to be more liberal in general
2) Liberal people have more respect for education, and are generally smarter on the whole (hence their being professors and higher-performing students).

Universities, properly, reflect the leanings and values of the predominant group of its faculty & students.

It's not some fucking conspiracy to 'indoctrinate', dipshits ...

And liberalism is the opposite of un-American. The Founders were the liberals of their day.

Just as Jesus was of his day (if he existed).

[jimfields33]

6. Still should be taxed

These universities get a ton of money from federal government, state and local government, students and donations. The donations should at least be taxed.

[Hugh_Lebowski]

7. That's a separate subject from that particular comment by Cotton I was addressing

And if they 'should be', we definitely should also be taxing religious college endowments.

[jimfields33]

8. I agree with that for sure

I honestly think if we tax all endowments, non profits, corporations 20 percent (no deductions) so that everyone pays taxes. We will be in great shape!

[Claire Oh Nette]

5. More than 500 students

So, only tax the bigger private universities. Not the small ones affiliated with churches. Tax the endowments established by benefactors to help others. Only tax the universities who don't preach the right version of made up Christofascism?

Foundations and universities are not the same thing, and they don't provide the same functions and services. Cotton can fuck all the way right off.


Why not simply repeal the 2017 Tax giveaway to corporations and the uber wealthy?

The republican party has gutted education at the local level an imposed testing mandates for academic English and math while cutting vocational education programs.
Yes, we should support vocational education and apprenticeships. But it's not the government's job to set up apprenticeships.

The CEO class has stolen wages from the workers since the 70s. Minimum wage should be between $18 and $25 if wages had kept up with cost of living or productivity increases.

Tax corporations who benefit from an educated workforce, not the very entities trying to extend the benefits of education.

THey can' t even hide their disdain for education, workers, women, people of color any more.

[tableturner]

9. Cotton's own words indicate taxation as a penalty for ALLEGED political beliefs:

“Our wealthiest colleges and universities have amassed billions of dollars, virtually tax-free, all while indoctrinating our youth with un-American ideas."

That clearly stated motivation would render this ridiculous bill unconstitutional if passed and signed into law (which won't happen).

[RussellCattle]

10. "Do not have a religious mission?" Fuck you, Cotton, you pandering RWNJ.

[jmowreader]

11. The "do not have a religious mission" makes his bill unconstitutional

The First Amendment prohibits establishing a religion...and you just KNOW that if a Muslim group were to set up a university in the US, Cotton would claim it didn't have a "religious mission."