Here’s a headline from the Harvard Crimson that may cheer you up:
“State Legislature Is Considering an Endowment Tax; Experts Say It Could ‘Cripple’ Harvard.”
The sooner the better, I’d say.
Who says Beacon Hill never does anything for working-class Americans? Or tries to, anyway.
If I were a state rep, this is what I would say:
“Mr. Speaker, I make a motion to suspend the rules and proceed to an immediate roll-call vote of the ayes and nays on this long-overdue tax-Harvard-back-to-the-Stone-Age bill.
“And then after enactment, Mr. Speaker, we can attach a rider to dispense with the 90-day waiting period to immediately begin the ‘potentially catastrophic’ taxation that ‘would simply wreak havoc’ on Harvard.”
Sadly, even though the bill has been filed, it probably won’t be going anywhere, at least not in this session. But there’s always next year.
What makes the bill even more heart-warming is that it is a “wealth tax,” forcing institutions to pay an annual tax – 2.5% in this proposal – on all assets, including endowments.
Harvard’s endowment is currently $50.7 billion. That means that the first year, the state would extract about $1.25 billion from the pro-Palestinian pampered pukes.
Even sweeter is that this proposed assessment on billion-dollar endowments is nothing more than an upgrade on the proposed national “wealth tax.”
That abomination has been pushed for years by the likes of the fake Indian, Sen. Elizabeth Warren, who became a Harvard/Hamas multi-millionaire as a racial fraudster.
She scammed Harvard into thinking she was a Native American. They paid her $350,000 a year to “teach” one course. They gave her an interest-free loan so she could buy a $5-million wigwam within easy walking distance of her favorite cheese shop in Harvard Square.
This is why the nattering Nazi nebbishes of Harvard need a $50 billion endowment – so they can keep handing big wampum to grifters like the fake Indian and to Claudine Gay, the $900,000-a-year DEI plagiarist.
But now Lieawatha, Bernie Sanders and all the other Democrat nuts in Congress want a “wealth tax” – but only on the rich, a category inevitably drawn up to somehow exclude George Soros and his ilk.
The Fake Indian’s proposed wealth tax in Congress would require individuals with a net worth above the limit ($50 or $100 million, but soon to be $50,000-$100,000) to pay some set tax every year – 2% or 3% on their so-called assets.
What could possibly go wrong?
White-collar crime would suddenly sprout all kinds of lucrative new rackets — moving assets around, hiding income, fraudulent assessments, etc. Think of the Massachusetts’ so-called millionaires’ tax, on steroids.
I think it’s safe to say that at least 90% of the Harvard faculty supports wealth taxes – at least on people unlike themselves, who earned their own wealth and who don’t have trust funds.
After all, it’s for the children.
As Dementia Joe Biden likes to say of everyone except his crackhead son who goes on trial for income-tax evasion next month:
“Pay your fair share!”
But now that a similar tax that might negatively impact their affluence is proposed, it’s the end of the world.
Larry Summers, the former president of Harvard, gets the vapors when he even considers the idea of Harvard paying its fair share.
“Massachusetts derives much of its distinctive strength from great universities,” he told the Harvard Crimson, “and this tax would cripple the ability of Massachusetts universities to compete going forward.”
First of all, “Doctor,” Massachusetts’ distinctive strength, as you call it, has been dissipated. And Harvard is no longer a great university, hasn’t been for decades.
You eggheads never gave a damn about “crippling” the ability of working people to live in peace, so why the hell should we care about continuing to prop up you tenured terrorists in the indolent one-percent lifestyles to which you have become accustomed?
One reason Harvard is all bent out of shape about this proposed tax is that it’s done such a lousy job with its investments. Yale is already closing in on number one in endowments.
And if this goes through, Princeton, Stanford and the University of Texas would also pass Harvard’s endowment within a decade.
Hey Harvard, here’s a quarter. Call someone who cares.
“Why,” Summers blubbered, “would anyone contribute to a university where, over time, half the value of their gift was going to be confiscated by the state?”
Same question could be asked about workers paying income taxes in Massachusetts. Not to mention the confiscatory inheritance tax. And the capital-gains taxes…. Why should Harvard be given a free ride, but not a plumber or an electrician?
The Crimson also rounded up another blow-in crackpot, Jonathan Gruber of MIT, who still has a lot to answer for over his shepherding of Obamacare, another unspeakable Democrat assault on the working classes.
In a statement, “Doctor” Gruber said that there is “no reason to single out particular institutions based on their endowment. That makes no sense.”
Then how does it make any sense to single out individuals based on their holdings? The difference is, Harvard (and MIT) think they’re too la-de-da chichi fabulous to be taxed. They’ve been right so far, but we’ll see how long that lasts.
We, the taxpayers, can flee to Free America. Harvard and MIT can’t.
The pointy-headed intellectuals can’t believe that somehow they might have to play by the same rules as the hoi polloi. It would take a heart of stone not to laugh.
By the way, when Trump was president and the GOP controlled Congress, they passed a tiny tax on these obscenely wealthy Nazi-nurturing schools. Under the Trump law, Harvard currently pays… $37 million a year.
And the formerly elite colleges have been trying to get that pittance of a tax repealed ever since Biden was selected as president. The box-checkers who now run these joke schools have been screaming bloody murder.
And now this. The state bill was scheduled to be deep-sixed in committee yesterday, but at least the solons are forced to talk about it.
One of the lobbyists for the idle-rich billionaires at Harvard/Hamas said the new tax would “undermine the unique ecosystem that is higher education in Massachusetts.”
You mean there would be fewer roads blocked by chanting hippies? No more hate rallies on the Charles?
Jews wouldn’t be chased down Mass Avenue by mobs of Hitler Youth from the Third World on full scholarships? American flags would fly again in Harvard Yard, instead of Nazi banners?
If the Harvard bill does go down the tubes this week and I were in the Legislature, I would move for immediate reconsideration of this landmark legislation, Mr. Speaker.
It’s for the children.