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With Connecticut facing a severe budget shortfall, some politicians want to tax Yale University's endowment, Bloomberg reported. Proposed legislation would require Yale to either use its endowment to do more to create high-paying jobs in the state or increase access to higher education, or the university could face a tax on its endowment earnings. Yale maintains that it is already doing those things, and that the proposal is an inappropriate attempt to raid its endowment. Richard Jacob, Yale's associate vice president for federal and state relations, said in written testimony that the bill and a second one that would tax college property are a “specific attack on higher education.”
The bills don't name Yale but apply to colleges in the state with endowments that exceed $10 billion. Yale is the only institution in the state that would be covered.
