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Old December 25, 2017, 10:56   #1
Bubacus
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Harvard now has to pay taxes...

What a kick in the teeth to all of the beautiful people of Harvard who whine about the rich not paying their fair share...Guess what, pony up Harvard and pay taxes next year on that $37 billion endowment it has. Part of the story:

https://www.politico.com/story/2017/...owments-252892

and

http://donsurber.blogspot.com/2017/1...s-harvard.html
Trump taxes Harvard

Under the Tax Cuts and Jobs Act, Harvard will have to pay taxes next year on that $37 billion endowment it has.

For centuries, Harvard has solicited tax-exempt donations from the wealthy under the guise of funding the university. But instead of just building buildings or covering operating costs, Harvard invests the money, and the money has piled up.

That's good for the people who get paid to invest the money.

But was that the intention of the donors?

While the university sits on $37 billion, undergraduate students are paying $63,025 a year for tuition and room and board.

Republicans decided to tax Harvard's earnings on the endowment. The howling is long and loud.

From Politico:

Under the bill headed to President Donald Trump’s desk the most well-to-do private universities would have to pay a 1.4 percent tax on earnings from their endowments, which are largely built on donations from prosperous alumni and enhanced by investments. Although scrutiny of wealthy college endowments has grown in Congress in recent years, the reality of the new tax has left higher-education leaders reeling.



Any private university with endowments worth $500,000 per student or more would have to pay a tax of 1.4 percent on the endowment's earnings. Depending on how the numbers are run, higher education groups estimate that about 30 colleges would be subject to the tax. The Joint Committee on Taxation has said it expects the tax to raise a hefty $1.8 billion over the next decade.

That was written before Trump signed the bill.

Harvard is sitting on more than a half-million dollars per student, and it dares complain about a 1.4% corporate income tax?

Every other corporation in America is paying 15 times that under this new law. That's down from 35%.
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Old December 25, 2017, 11:53   #2
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BO-WHO !

now they get to pay .......... but only a tiny bit

too bad they have been protected for so long

they really need to feel the burn they way that all of us working folks have most of our lives
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Old December 25, 2017, 11:58   #3
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Yeah their getting off cheap Trump needs to hammer the Pricks.

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Old December 25, 2017, 12:19   #4
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That's not much of a tax. If 37 billion grows at 10% then they have gains of 3.7 billion. 1.4% of that is 51 million or about 1% of their annual 5 billion dollar revenue. I think they will survive. Honestly I wouldn't mind seeing these mega churches pay some tax either. Why does a preacher get to make millions a year? Sounds like a for profit business to me.
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Old December 25, 2017, 12:31   #5
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I don't believe your regular local go to church on Sunday church's should be taxed but the mega church's I do believe they have turned it into a business and I have to wonder about their sincerity to Gods word and should pay some tax.

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Old December 25, 2017, 12:59   #6
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Merry Christmas to America. Made my day.
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Old December 25, 2017, 19:46   #7
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Maybe they can reverse Scientology’s status.
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Old December 25, 2017, 21:16   #8
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Higher education is a racket, every bit as corrupt as Corporate America, if not worse. I'd raise it to 21%, just like any business.
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Old December 25, 2017, 23:24   #9
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Quote:
Originally Posted by oleblu72 View Post
I don't believe your regular local go to church on Sunday church's should be taxed but the mega church's I do believe they have turned it into a business and I have to wonder about their sincerity to Gods word and should pay some tax.

Mark
Yeah I'd agree with that. It could read something similar to the college if they have over 500k per parishioner or something.
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Old December 26, 2017, 09:42   #10
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Higher education is a racket, every bit as corrupt as Corporate America, if not worse. I'd raise it to 21%, just like any business.
This. A University is simply a company selling a product.

Now, in reality, there is no such thing as a "corporate tax". Even though corporations are "people" under the law, what it really is, is a primary consumer tax. Because it is simply treated as a business expense and passed on to the consumer in the price of the product.

But the majority of Americans are fat, lazy, and stupid. Calling something the "Estate Tax" instead of the "Death Tax", and calling it a "corporate tax" instead of a "included first sales tax", makes it palatable to these dimwits. Not only palatable, but these idiots will clamor for more - make the rich pay!"

Now we need to revoke the NFL's tax exempt status.

I think a private university needs to be treated like any other Corporation. I do have a problem with the math, though, when the university is receiving taxpayer funding, through taxation, to then then tax that again. But then, I oppose taxpayer funding of any education, anywhere; so oppose "public" universities in principle.
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Old December 27, 2017, 12:28   #11
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Quote:
Originally Posted by gunplumber View Post
This. A University is simply a company selling a product.

Now, in reality, there is no such thing as a "corporate tax". Even though corporations are "people" under the law, what it really is, is a primary consumer tax. Because it is simply treated as a business expense and passed on to the consumer in the price of the product.

But the majority of Americans are fat, lazy, and stupid. Calling something the "Estate Tax" instead of the "Death Tax", and calling it a "corporate tax" instead of a "included first sales tax", makes it palatable to these dimwits. Not only palatable, but these idiots will clamor for more - make the rich pay!"

Now we need to revoke the NFL's tax exempt status.

I think a private university needs to be treated like any other Corporation. I do have a problem with the math, though, when the university is receiving taxpayer funding, through taxation, to then then tax that again. But then, I oppose taxpayer funding of any education, anywhere; so oppose "public" universities in principle.
Preach it, brother. "Public" education in this country is a scam on so many levels.
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Old December 27, 2017, 14:45   #12
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As liberal as Havard's professors and administrators are, they should be crawling across the White House lawn, begging Trump to tax them even more, so they can be sure they're paying their fair share!
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Old December 27, 2017, 18:17   #13
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Which way is it?

Who wants to join me for a victory lap?

Attached Images
File Type: jpg victory lap.jpg (55.4 KB, 24 views)
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Old December 27, 2017, 22:16   #14
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You know I think we ought to give 1.4% tax on all corporations and make the tax on corporation executive's a little higher
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Old December 28, 2017, 08:48   #15
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Which way is it?

Who wants to join me for a victory lap?

Jeezus, Gary! Now where's that eye bleach?
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Old December 29, 2017, 17:31   #16
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Now if they were just taxed on the true value of all their real estate.
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Old January 03, 2018, 10:45   #17
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Originally Posted by KoKodog View Post
BO-WHO !

now they get to pay .......... but only a tiny bit

too bad they have been protected for so long

they really need to feel the burn they way that all of us working folks have most of our lives
Hmmmm. This sounds familiar. Initially, the income tax was only supposed to tax the richest 1% or so. Over time, income taxes expanded to include more and more people.

This is a foot in the door to tax all universities sooner or later.

I'm not saying I'm opposed to this specific taxation, but I'm definitely opposed to taxation by the Federal government in general.
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