Name: Taking Away Tax-Exempt Status: A “Nuclear Weapon Against Universities”
Uploaded: 2025-06-20T16:17:00Z
Duration: 2 min 27 s
Description: Scott Bok, the former board chair of the University of Pennsylvania, breaks down the financial risks and implications that come with removing tax-exempt status from colleges and universities.

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Scott Bok, the former board chair of the University of Pennsylvania, breaks down the financial risks and implications that come with removing tax-exempt status from colleges and universities.

https://m.wsj.net/video/20250709/c8469d5c-8f50-48fd-acb8-97f3b510ea21/1/hls/manifest-hd-wifi.m3u8

Taking Away Tax-Exempt Status: A “Nuclear Weapon Against Universities”

What is your take on the tax exempt status of universities and colleges proposals to increase the taxes, just the tax status of colleges and universities come?

Look, I think the potential to take away tax exempt status is really kind of the nuclear weapon against universities. And I really hope it won't ultimately be used or be successful because that hits really the schools in two big ways. One is property taxes, and these schools all have a lot of real estate, often in pretty expensive places. Columbia and New York, Harvard and MIT, and Boston, Penn and Philadelphia. You know, the property taxes would be way into the hundreds of millions of dollars a year. And then secondly, your donors would no longer get tax deductions if you were in a 501C3 corporation. So your donations are gonna dry up. So it would really have a very fundamentally, you know, significant impact on the way universities are financed. You know, things like a higher endowment tax, which has been proposed just very recently and in a fairly specific way. I think even that can be very, very dangerous to these schools because again, for a school that has a big endowment, you know, does a lot of research, you know, to get an endowment tax bill that runs into the hundreds of millions of dollars a year is gonna really sort of cramp, you know, maybe even things like financial aid, which I think would be tragic.

But playing devil's advocate for a second. Say you're working in an oil field in Oklahoma or Texas and you hear about Harvard's $53 billion endowment. They don't pay any tax on that. I pay taxes. They have all these jobs, they're doing all this stuff. How come they're not paying taxes? Should colleges and universities, can they do a better job of sort of articulating why they don't?

I think they could do a better job sort of marketing what they do. I mean, all every American is impacted. Pretty much every American by improvements in medical care. I mean, you know, we've solved many types of cancer. We're working on Alzheimer's research. I mean, there's so many things that these universities are doing. And the other thing you really don't wanna lose track of is the most elite schools, you know, the Harvards, the Penns, et cetera, when they give students financial aid, it's not even with loans, it's with grants. So you can be a child. I mean, I was a kid, hadn't, was first of my family to go to college. I needed a lot of money. I borrowed it back then. That's how you did it back then and have paid off those student loans over time. But I think one of the things these schools spend a lot of their endowment on is letting kids from all across America go for free if need be, if they come from a family that can't afford it. And we would hate to lose that for sure.

Taking Away Tax-Exempt Status: A “Nuclear Weapon Against Universities”

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