Arizona Republican Rep. Eli Crane has taken a bold stance by proposing legislation that would tax the multi-billion dollar endowments of colleges and universities. Crane believes that this move is long overdue, citing examples such as Harvard, whose endowment exceeds the GDP of many countries.
The proposed legislation comes on the heels of several instances of anti-Semitism and support for Hamas on college and university campuses. In response to these shocking displays, various billionaire donors have pulled their support for these institutions. However, Crane believes that more action is necessary to bring about real change in the higher education system.
Townhall reports that Crane’s legislation has garnered support from several lawmakers who believe that it is time to hold elitist academic institutions accountable for their failure to provide moral clarity on important issues. Crane has made his position clear on Twitter, stating that it is time for the “elite” institutions to be held accountable for their misuse of federal funds. He emphasizes the need to start somewhere, and his proposal targets universities with endowments exceeding $5 billion.
Support for Crane’s proposal has come from Texas Congressman Chip Roy, who expressed his intention to co-sponsor the legislation. Senator Rick Scott has also spoken out in support of the idea, emphasizing the need to ensure that universities use their endowment funds for the benefit of students, rather than to advance political agendas.
While conservatives typically oppose new taxes, many are in favor of taxing university endowments as a means of bringing about much-needed change in the higher education system. The sentiment is that these institutions must face consequences in order to drive meaningful transformation. It is clear that the American people are fed up with what they perceive as radical left-wing indoctrination in academic institutions.
The introduction of this legislation marks a significant development in the ongoing debate about the role and responsibilities of colleges and universities in the United States. If passed, it could potentially reshape the way these institutions manage and allocate their substantial endowments. As the proposal gains traction and garners support from various political figures, it is likely to remain a contentious issue in the coming months. The push for accountability and transparency in higher education endowments is poised to be a key focus for policymakers and the public alike.
