"Vanderbilt University's chancellor applauded Congress' removal of taxes on graduate school tuition credits in its tax overhaul," the Tennessean reports. "But Chancellor Nicholas Zeppos also blasted the Republican-led Congress' bill for falling short in other ways, namely a 1.4 percent excise tax on certain university endowments."
"'It is an unprecedented government intrusion and taxation of tax-exempt universities that will result in fewer resources for student financial aid,' Zeppos said.
Vanderbilt, he said, spends $270 million on student financial aid each year, of which the endowment funded one-third. Donations also would be affected.
'In addition, doubling the standard deduction effectively eliminates the charitable deduction for a significant number of taxpayers, undermining charitable giving to nonprofit organizations such as Vanderbilt, which rely on donors to support education and research,' he said.
'In other words, crucial scholarship and research dollars will now go to the U.S. Treasury instead of benefiting students and society.'"
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Publication Date: 12/22/2017