Endowment Tax Fairness Act

This bill increases a tax on certain private colleges and universities with large endowments. Currently, these schools pay a 1.4% tax on their endowment investment income if they have at least 500 students paying tuition and endowments worth at least $500,000 per student. The bill would raise this tax rate from 1.4% to 21%. The extra money collected from this higher tax would go to the Treasury's general fund and be used to reduce the national deficit and debt.

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