Senate Minority Leader Chuck Schumer just said this on the Senate floor, regarding the Republican Tax Bill:
One college, Hillsdale College, has been exempted from taxes on colleges with large endowments. It is supported by the DeVos family. This is a metaphor for how high the stench is rising in this chamber.
This is a reference to an amendment added by Republican Senator Pat Toomey, on page 295 of this PDF, which would exempt colleges which refuse federal funding from having to pay the Republican Tax Bill's endowment tax. My question is, is Chuck Schumer right that currently Toomey's amendment would only benefit Hillsdale College?
There are several colleges which refuse federal funding, but is Hillsdale College currently the only one that has a large enough endowment to be subject to the Republican Tax Bill's endowment tax? If it helps, the endowment tax only applies to colleges with an endowment larger than $250,000 per full-time student.