With an estimated value of over $50 billion, Harvard’s endowment is larger than the GDP of many of the world’s countries, including Bolivia, Paraguay and Sierra Leone.
) — should be required to pay both property taxes on their considerable real estate holdings and state taxes on their endowment returns, with the funds redirected toward institutions of public higher education and other social needs.
There is something profoundly disturbing about a system of higher education that allows a few private universities who serve a minority of U.S. college students to hoard resources and wealth while its public institutions, which serve the majority, suffer. It’s long past time to end the swindle where billionaire individuals shuffle funds to billionaire institutions andwhile students go into increasing amounts of debt to attend public universities.
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