How Elite Colleges Hide Their Cash

Last week, Republicans in Congress proposed a tax on wealthy private-college endowments as part of their make-or-break tax bill. The new tax, if passed, would bring in an estimated $3 billion from 2018 to 2027… It seems improbable, after all, that the narrowly divided Senate would actually pass a tax on endowments… An investigative report this week by The New York Times, based on a leak of offshore financial records known as the Paradise Papers, revealed that dozens of wealthy college endowments use Caribbean islands as offshore tax havens for their investments… Stanford University, one of the schools found to use offshoring, increased its endowment to $18 billion in 2012 from $2 billion in 1977.

Read full article [here].
by Charlie Eaton, The New York Times.

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