H.R. 7033, known as the "Woke Endowment Security Tax Act of 2024" or the "WEST Act of 2024," proposes a change to the Internal Revenue Code that would apply a 6 percent excise tax on the large endowments of certain private colleges and universities. This tax would be...
Simple Explanation
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.