Senate Bill Would Tax Wealthy Universities to Aid Israel, Ukraine, US Border Security

Senator Tom Cotton (R-Ark.) is seeking to levy a one-time, six-percent tax on endowments of ten prestigious universities to fund Israel and Ukraine’s war efforts and boost security at America’s southern border. The tax, proposed Tuesday as part of the Woke Endowment Security Tax Act, would generate a revenue of about $15.47 billion, according to the senator’s office. The bill doesn’t name any specific institutions. Instead, it identifies two categories of schools to which the tax would apply: secular institutions with endowments of at least $12.2 billion and secular institutions with endowments of at least $9 billion that also operate under a contract with the state....