Donald Trump just announced a major action against Harvard.
Trump said, “We are going to be taking away Harvard’s Tax Exempt Status.”
We are going to be taking away Harvard’s Tax Exempt Status. It’s what they deserve!
Losing the tax-exempt status could cost Harvard millions.
Universities, as well as many charities and religious groups, are exempt from paying federal income taxes. This valuable tax break, though, can be removed if the groups become involved in political activities or move away from their stated purposes.
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Losing the exemption could cost Harvard millions of dollars each year.
The Ivy League institution also has a fund of assets, or endowment, valued at $53bn.
Trump is not backing down.