A new report is revealing that Ivy League universities are raking in billions in tax breaks on their endowments. And yet they pillage their students requiring them to start life in massive debt.
President Trump needs to drain the academic swamp also. Should these institutions and their leadership make their tax returns public?
A new report reveals that Ivy League universities are raking in billions in tax breaks on their endowments, bolstering those Republicans pushing to end the free ride.
In a report released Wednesday called Ivy League Inc., government watchdog group OpenTheBooks reports that the combined endowments of the eight Ivy League universities amounted to $119 billion in 2015, enough to provide every undergraduate students with a full-ride scholarship for the next 51 years without adding a single cent from donations or investment income.
As non-profit educational institutions, of course, the Ivy League schools are not required to pay taxes on income from their endowments, amounting to “a $9.6 billion tax break on the $27.3 billion growth of their endowment funds” between FY2011 and FY2015. More