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Angela N. / Flickr CC

House Republicans have included a provision in their tax plan that could hit the pocketbooks of private universities with large endowments, such as Harvard, Stanford and Yale.

The new rule says that private colleges and universities with at least 500 fulltime students would be required to pay a 1.4% excise tax on annual investment income, so long as total market value is more than $100,000 per student.

For context:

  • Harvard's current endowment is $32 billion, and has around 22,000 undergraduate and graduate students. That works out to over $1.4 million per student.
  • Stanford's endowment is over $22 billion and has around 16,300 students. That works out to $1.37 million per student.
  • Yale's endowment is $25 billion and has around 12,300 students. That works out to over $2 million per student.

The bill does allow schools to subtract assets that are used directly for education, although that wouldn't be nearly enough to exempt the aforementioned schools nor their many peers.

Bottom line: Many private university endowments will need to adjust for the 1.4% tax, possibly resulting in reduced investment activity.

Go deeper

Why migrants are fleeing their homes for the U.S.

Illustration: Eniola Odetunde/Axios Photo: Herika Martinez /Getty Images 

Natural disasters in Central America, economic devastation, gang wars, political oppression, and a new administration are all driving the sharp rise in U.S.-Mexico border crossings — a budding crisis for President Biden.

Why it matters: Migration flows are complex and quickly politicized. Biden's policies are likely sending signals that are encouraging the surge — but that's only a small reason it's happening.

Cities' pandemic struggle to balance homelessness and public safety

Illustration: Sarah Grillo/Axios

Addressing homelessness has taken on new urgency in cities across the country over the past year, as officials grapple with a growing unhoused population and the need to preserve public safety during the coronavirus pandemic.

Why it matters: It’s led to tension when cities move in to clear encampments — often for health and safety reasons — causing some to rethink the role of law enforcement when interacting with people experiencing homelessness.

Biden to sign voting rights order to mark "Bloody Sunday" anniversary

President Biden will sign an executive order today, on the 56th anniversary of "Bloody Sunday," meant to promote voting rights, according to an administration official.

Why it matters: The executive order comes as Democrats face an uphill battle to pass a sweeping election bill meant, in part, to combat a growing number of proposals introduced by Republicans at the state level that would restrict voter access.