September 24, 2016

THEY ARE, AFTER ALL, JUST IN THE BUSINESS OF SELLING DEGREES:

Trump Stumbles on Good Idea: Take Away Harvard's Tax Breaks (Eric Levitz, 9/24/16, New York)

A broken clock is right twice a day. Donald Trump is correct far less often. But he does, on occasion, have himself a point.

Your average elite university has become an enormous hedge fund with a side business in research and education. Harvard spends roughly $800 million on research every year -- and $4.2 billion in total operating expenses. As New York's Annie Lowrey notes, the university has used its wealth to buy up enormous amounts of land in Cambridge, driving up real-estate prices while contributing little, if anything, in property tax. Revoking its nonprofit status would provide the state of Massachusetts with an additional $80 million a year. Considering that Harvard recently spent a billion dollars renovating its student dorms, the Bay State can probably be trusted to find a more socially useful way to invest that $80 million.

Posted by at September 24, 2016 10:39 AM

  

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