Democrats keep saying they want millionaires and billionaires to pay their fair share in taxes – what about the multi-billion dollar university endowments that have scapes taxation? Ohio Senator JD Vance went to the Senate floor on Friday to ask unanimous consent to raise the tax on mega-sized, $10+ billion university endowments from 1.4% to 35%. These are the biggest hoards of untaxed wealth in America.
The New York Sun reported:
According to Barron’s, Harvard’s $50.7 billion endowment grew by 2.9 percent in the last fiscal year, meaning Mr. Vance’s 35 percent capital gains tax on endowments would have raised more than $500 million from Harvard alone. Harvard says gains from its endowment accounted for one-third of the university’s total operating revenue in the most recent fiscal year.
When Mr. Vance tried to have the legislation adopted by unanimous consent on the Senate floor, he was blocked by a Democratic colleague, Senator Wyden.