Dem Senator Blocks GOP Bill For 35% Tax On University Endowments

In the wake of various recent scandals at ‘elite’ universities, attention has turned to their massive, largely untaxed endowments.

On Thursday morning Sen. J.D. Vance (R-OH) introduced a bill which would tax the largest university endowments at 35%.

“The endowments at Penn, Harvard & MIT have a combined $95B+ in assets – yet only pay a 1.4% tax rate on net investment income,” Vance posted on X. “Then they use these funds to push DEI and woke insanity.”

“My bill would tax the largest endowments at 35% – it’s going to the Senate floor right now.“

The endowments at Penn, Harvard & MIT have a combined $95B+ in assets – yet only pay a 1.4% tax rate on net investment income.

Then they use these funds to push DEI and woke insanity.

My bill would tax the largest endowments at 35% – it’s going to the Senate floor right now. pic.twitter.com/NtSuUtzluL

— J.D. Vance (@JDVance1) December 14, 2023

Vance then tried to pass the bill by unanimous consent, only to be blocked by Democrat Sen. Ron Wyden of Oregon, who suggested that lawmakers should instead look at the bill before passing it (oh?), and then slammed billionaire tax loopholes created by Congress in the first place.

Sen. Vance tried to pass this bill by unanimous consent but it was blocked on the Senate floor by Democrat Sen. Ron Wyden from Oregon.

Democrats finally found billions of dollars that they don’t wish to tax. https://t.co/Scv9uMFEKM pic.twitter.com/RqvFCwG1Mc

— Greg Price (@greg_price11) December 14, 2023

As journalist Greg Price notes above, “Democrats finally found billions of dollars that they don’t wish to tax.”