Colleges Getting Away With Huge Tax-Free Endowments

Career College Central Summary:

  • Look in the dictionary for the definition of the verb “invert.”
  • It means “to turn upside down.”
  • With all the talk of evil corporations merging with foreign companies for tax benefits, or “inversion,” you’d think it was a major economic problem affecting millions of hard-working Americans.
  • In fact, inversions amount to a measly $2 billion, far outshadowed by the largest tax dodge on the globe, college endowments, which truly turn the tax code upside down.
  • While Treasury Secretary Jack Lew and other DC politicians choose to attack and challenge US corporations looking to efficiently expand their businesses, they turn a blind eye to the $500 billion, tax-free pool of cash housed in universities across America.
  • This week, both Yale and Harvard announced their head-of-the-class investment performance for the year ended June 30. Yale earned a 20.2 percent return, bringing its endowment fund to an eye-popping $20.6 billion.
  • These obscene amounts of tax- free cash being professionally managed all are treated under the guise that they are “not for profit” entities.
  • Well, the intellectual elites and the faux education cheerleaders in Washington ought to be downright ashamed of themselves.

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