WASHINGTON (AP) — As Congress looks to slash spending and raise revenue for President Donald Trump’s tax bill, Republicans have turned attention to the huge endowments amassed by the country’s wealthiest colleges. Varying proposals have called for raising the rate to 14% or 21%, treating traditionally tax-free universities like major corporations. Trump previously said he wants to see Harvard stripped of its tax-exempt status as he presses for reforms at colleges he accuses of “indoctrinating” students with “radical left” ideas. Republicans appear to be chipping away at the long-held notion that colleges provide the kind of public benefit that deserves to be protected from heavy taxation.
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