(The Center Square) – Massachusetts could soon reach into Harvard University’s $50 billion endowment and take over $1 billion in taxes if two legislators get their way.
The legislation proposed by Reps. Natalie Higgins, D-Leominster, and Christine Barber, D-Somerville, would impose a 2.5% excise tax on all private higher education institutions with over $1 billion in endowments.
Harvard’s endowment is the largest in the country, estimated to be worth nearly $50 billion. Thirteen other Massachusetts private schools would also be taxed under the bill.
Supporters of the legislation see an opportunity to increase economic growth by allowing more students to get degrees and removing barriers to working. “If we have more students being able to go and get a college degree and contribute to the Commonwealth, and if we have more families able to access childcare without worrying about how they’re going to make ends meet, it’s going to
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