The bill wants some big colleges that have lots of money, but aren't religious, to pay more taxes, raising the amount from a little bit (1.4%) to a big chunk (35%) of their extra money made from investments. This change would affect only those colleges with a LOT of extra money, over $10 billion, and is meant to start happening after the end of 2023.

The bill wants to make private colleges pay a lot more money on the profit they earn from their savings, by raising the tax from 1.4% to 10%, and include more schools in this rule by lowering the money each student is counted to have from $500,000 to $200,000.

H.R. 7033 is like a special rule to make really big and rich private schools pay a little extra money, called a tax, if they have a lot of money saved up like over $12 billion, but only if they don't use that money for their main school activities.