On June 7, Jin10 reported that some of the wealthiest universities in the United States are attempting to propose alternatives to Congress to avoid potential massive tax increases, promising to invest more funds themselves. The tax reform bill proposed by the Trump administration was passed by the House of Representatives last month, which includes an annual tax of 21% on investment income from the wealthiest universities, significantly higher than the current 1.4%. This policy could increase the tax burden on many universities by hundreds of millions of dollars each year. The White House recently stated that increasing taxes would help hold "overly politically correct, elitist universities" accountable.
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U.S. universities pledge to increase their own funding expenditures to avoid high taxes.
On June 7, Jin10 reported that some of the wealthiest universities in the United States are attempting to propose alternatives to Congress to avoid potential massive tax increases, promising to invest more funds themselves. The tax reform bill proposed by the Trump administration was passed by the House of Representatives last month, which includes an annual tax of 21% on investment income from the wealthiest universities, significantly higher than the current 1.4%. This policy could increase the tax burden on many universities by hundreds of millions of dollars each year. The White House recently stated that increasing taxes would help hold "overly politically correct, elitist universities" accountable.