modest college tax exemption struck by GOP tax bill

The Cruz-Toomey language, by Republican Sens. Ted Cruz of Texas in addition to Pat Toomey of Pennsylvania, would likely have reportedly benefited the conservative Hillsdale College, as This particular is usually the only higher education institution in which meets the criteria detailed in bill’s add-on, according to a Democratic aide.

The exemption was related to a proposed 1.4% excise tax for endowment investments.

The Democratic aide said the Senate GOP’s bill included the excise tax for certain private universities in which also have specific enrollment in addition to endowment benchmarks, however the Toomey-Cruz proposal protected schools in which do not accept federal funding under Title IX.

However, following criticism by the left, Republicans then edited the language to make the endowment requirement $500,000 per student, instead of the initial $250,000.

Hillsdale College’s student paper, The Collegian, reported Thursday in which the school’s endowment is usually approximately $364,000 per student. This particular would likely have put the college under the $500,000 requirement to automatically be exempt by the 1.4% excise tax, however This particular would likely have no longer been the only college to qualify.

however the effort to carve out a provision benefiting the college in which had connections to the Trump administration was continuously rejected after Democrats cried foul.

Sen. Jeff Merkley of Oregon proposed the amendment to strip the bill of the language entirely, which passed 52-48, with four Republicans joining their Democratic counterparts. Republican Sens. Susan Collins of Maine, Deb Fischer of Nebraska, John Kennedy of Louisiana in addition to Lisa Murkowski of Alaska all voted to rid the bill of the proposal following the Democrats’ brouhaha.

Sen. Toomey pushed back, in addition to said This particular was a universal provision for any school in which chose to take This particular.

Sen. Claire McCaskill, a Missouri Democrat, questioned the addition in a back-in addition to-forth with Toomey on the floor Friday, as well as tweeting about the provision.

“Pretty sure we have just discovered an earmark for Hillsdale College/Betsy DeVos courtesy of Pat Toomey,” McCaskill wrote, linking to an article by December 2016 in which references President Donald Trump choosing DeVos for education secretary over Hillsdale College President Larry Arnn, while also detailing her own relations to the college.

The Democratic aide noted several officials inside the Trump administration have ties to those who graduated by the liberal arts college, including DeVos’ brother, Erik Prince.

The Senate had been scrambling to vote on the bill before the weekend, still writing parts of the legislation Friday, just hours before the vote. The bill passed inside the Senate with 51 votes inside the early hours of Saturday morning, mostly along party lines.

modest college tax exemption struck by GOP tax bill

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