Trustee Harry McMahon in the WSJ: Taxing endowments will hurt financial aid and U.S. competitiveness

CMC campus

A proposed 1.4% excise tax on the net investment income of private institutions would harm higher education, CMC Board Chair Emeritus and Trustee Harry McMahon ’75 P’08 P’09 argues in an op-ed for the Wall Street Journal.

McMahon said that the Republican-led tax bill would likely restrict funding for financial aid at the 70 targeted colleges and universities if passed. Tuition could also rise and donors will likely be discouraged by a portion of their gifts being diverted to the federal government, he said.

Philanthropy helps fund broad curriculum and student-faculty research, merits that make leading American institutions like CMC competitive on a global level. The full op-ed can be viewed via CMC’s Facebook page. It is available to Wall Street Journal subscribers on the paper’s website.

Contact

Office of Strategic Communications & Marketing

400 N. Claremont Blvd.
Claremont, CA 91711

Phone: (909) 621-8099
Email: communications@cmc.edu

Media inquiries: CMC Media
Email: media@cmc.edu