Cotton Introduces Bill to Tax Private University Mega-Endowments, Support Workforce Training Programs
Washington, D.C. — Senator Tom Cotton (R-Arkansas) today introduced the Ivory Tower Tax Act, legislation to impose a one-percent tax on the value of the endowments of the wealthiest private colleges and use the funds to support vocational education and training. This bill also requires these institutions to draw down five percent of the value of their endowments each year. Bill text may be found here.
“Our wealthiest colleges and universities have amassed billions of dollars, virtually tax-free, all while indoctrinating our youth with un-American ideas. This bill will impose a tax on university mega-endowments and support vocational and apprenticeship training programs in order to create high paying, working-class jobs,” said Cotton.
The Ivory Tower Tax Act would: