About That ‘Hillsdale Exemption’
As the Senate prepared to pass its tax-reform plan Dec. 1, Hillsdale College, which I lead, became an unexpected sticking point. The bill included a proposed 1.4% excise tax on the investment income of large university endowments. An amendment introduced by Sen. Pat Toomey (R., Pa.)—which did not make the final bill—sought to exempt schools that do not accept government funding under Title IV of the Higher Education Act of 1965, which established many of the financial-aid programs students use today.
Originally published: December 10, 2017
Author: Larry P. Arnn
Institution: Hillsdale College
Published by: The Wall Street Journal