Rich Colleges’ Endowments Targeted by Trump Backer in U.S. House
- U.S. could require minimum spending for aid to middle class
- ‘Time to disrupt,’ lawmaker says. Costs reach ‘crisis phase’
Michigan State’s Endowment Switching to Quants
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Wealthy U.S. colleges must spend more of their endowment gains on aid for middle-class families or lose their prized tax-exempt status, a Republican U.S. House member and a vice chair of President-elect Donald Trump’s transition team proposed Monday.
Rich schools have long been a target of Congressional Republicans who accuse them of skewed spending priorities that are bankrupting families with frivolous amenities while enriching administrators. In little-noticed remarks during the campaign, Trump himself endorsed this view.