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The executives overseeing Harvard University's $51 billion endowment met with deep-pocketed investors in Silicon Valley last week as the Ivy League looks to repair its battered image.
Multiple U.S. lawmakers have their eyes on university endowments, immense pools of wealth that colleges are reluctant to spend down. Endowment money is used to help finance scholarships and other programs each year, but this is only a trickle of their net assets. Now U.S. Senators J.D. Vance and Rick Scott say the game is…
McPherson College has announced receiving a second commitment of $500 million from an anonymous donor, who pledged $500 million last year in a unique giving challenge.
return. but overall, it's been a lousy return because tuition is going up at a rate that is twice the rate the wages have gone up. so if you're trying to get a english major, injury not going to get a good return on that. i think increasingly we're going to see people shifting towards trade schools. you do get a return, whether it's going to nursing school, for example or a great return on your investment. >> neil: the rap against that is college then becomes the well-to do or the studies for the well-to do. i see what you're saying about training and for electricians and plumbers. this would go against that. >> yeah, so i totally agree with that, neil. endowments, talk about how this money is getting pocketed in to the universities. in 2005, college endowments were $220 billion. today they're over $500 billion. we're just transferring wealth
Former President Donald Trump said he would push to seize the endowments of universities that practice affirmative action in a new campaign video that outlined his policy goals for higher education, should he return to the White House.
>> i'm waiting real patiently trying to get in some facts here this is the most liberal of all of the folks who scored it some scored it higher who could say it could be as much as 4000 so 80% or more will get more money in their paychecks. these are people who voted for president trump and this is what they voted for and the democrats want to run against that adam fine. that's all i'm saying. >> people who don't pay a lot of income tax are getting an average of $38 a week in their paychecks. people that pay a lot of income tax, people that don't work. neil: we started the show saying the surprising benefit of what these companies have. >> i'm just saying this, that if you're an average worker you're going to get $38 in your pocket a week. if you're a big company it's a big deal. neil: deirdre? >> ben: but boys and girls when the stock market goes up, everyone benefits. it benefits your ira, all your retirement plans it benefits your children's college
the non-partisan congress' budget office. "new york times" crunked numbers. making $50,000 more in taxes. the group earning $1 million or more essentially get a $5.8 billion cut. that's just the very tip of this iceberg in terms of impacts of the tax plan. they could dramatically change where people decide to live. why? by slashing deductions in state and local taxes, blue states use to help fund safety net programs, dramatically change how many pursue access college degrees. why? slashing deductions on student loan interest and tuition waivers for graduate students on increasing certain taxes on college endowments, which often subsidize tuition and dramatically impact who decides to buy a home essentially capping mortgage interest deductions, fewer may decide to become homeowners. this legislation will have a profound influence on american life as we know it. going to take a few years to see that impact play itself out.
they change the cut or the cap on mortgage interest rate deduction. >> i need to bring somebody into this who doesn't actually have a vote but he has a whole lot of say. steve bannon. how does this bill work for president trump's base? steve bannon going on and on, saying we need to do stuff for the american worker, the american people. this bill clearly is a cut for corporations. howard shultz, former ceo of starbuck, said corporations don't need it. it is a hope and aspiration help for the middle class and poor. >> let's just take a look at education. look at this, number one, if you take away people's ability to write off their state and local taxes, people move to pay more taxes for better schools. you're already hitting middle class families right there on that issue. then next, they said, you know, you can no longer write off graduate school too wigss. so educators and people who want to advance their degrees, they're no longer going to have the opportunity. and senate bill has an excise tax on college endowments so
market. that's still huge. i think the american public needs to understand and i think they mostly do, and best thing in a great american company is not the same as wall street. >> from trurchl's perspective, this is old news. we beat that already. this is not the most important thing. >> not the hedge fund. >>. >> we went after that. >> that's -- >> there's an issue here that never gets discussed. hedge funds don't exist primarily for millionaires. yes, there are a lot of millionaires. they work for college endowments is for hospital endowments, for pension funds. they make this money to allow people to retire and to get education, to get -- they're not a bunch of pirates and maniacs just stealing from the poor. >> some are. >> their job is to help