Sen. Tom Cotton (R-AR) plans to introduce the “Woke Endowment Security Tax Act,” imposing a one-time tax on the endowments of 10 American universities to raise funds for aid to Ukraine, Israel, and border security.
The tax, known as the WEST tax, would amount to a six percent excise on the 2022 endowment value, generating $15.47 billion.
Cotton’s proposal targets universities with substantial endowments, aiming to leverage their amassed wealth to support aid efforts and border security. (Trending: LeBron James Shares Gun Advice For Americans)
“Many of America’s so-called ‘top’ universities are failing to condemn antisemitism and violence against Jewish students on their campuses,” Cotton said.
“We should levy this tax on these schools’ endowments.”
“A tax on the billions of dollars these schools have amassed would be more than enough to pay for our aid to Israel or security for the southern border.”
“The tax would apply to universities with endowments of at least $12.2 billion and universities with endowments of at least $9 billion that also operate a state college contract. The covered universities would include Harvard, Yale, Stanford, Princeton, Massachusetts Institute of Technology, University of Pennsylvania, Northwestern, Columbia, Washington University, and Cornell,” the report noted.
This initiative follows criticism of elite universities for their response to antisemitism and their stance during Israel’s conflict with Hamas.
Most Popular:
Top Democrat Loses In Historic Landslide
US State Unveils Controversial ‘Gender Neutral’ Laws
Elon Musk Condemns Arrest Of Jan 6 Protester
