The Woke Endowment Security Tax Act of 2023, or WEST Act of 2023, proposes amendments to the Internal Revenue Code to introduce a 6% excise tax on large endowments held by certain private colleges and universities. Specifically, this tax will apply to private...
Simple Explanation
The WEST Act of 2023 wants certain big colleges with lots of money saved up to pay a special tax of 6%, so they use their money to help students more. It's like a rule that says, "Hey, if your school is super rich, some of that money should go into helping everyone learn!"