University Presidents Say Tax Reform Policy Will Hurt Texas Higher Education

Today, U.S. government leaders have enormous decisions to make about tax reform. Their choices will affect the future of our students and our universities. If the proposed policies are put in place, the ability of Texas students, both now and in the future, to earn life-changing degrees will be compromised.

We are the presidents of two universities in Texas — one public, one private. And many students from both The University of Texas at Austin and Trinity University rely upon financial aid that is drawn from endowments.

Both the House and Senate bills that are now being resolved by a conference committee propose a 1.4 percent excise tax on certain private nonprofit university endowments. This puts the college educations of many current and prospective students at risk, and it jeopardizes the financial stability of many private universities. The recent Senate vote on the tax bill brought Congress one step closer to enacting this and other policy changes that will have dire impacts on affordability at all American universities.

At a time when we face increases in economic and scientific competition around the globe, lawmakers should work to expand access to higher education. An educated and highly skilled American workforce benefits everyone, and it is our responsibility to ensure we maintain our global leadership role. Unfortunately, both the House and Senate tax bills counteract our national effort to do just that.

Read more: https://www.texasmonthly.com/burka-blog/university-presidents-say-tax-reform-policy-will-hurt-texas-higher-education/