Search Results: keywords:"tax rate increase"

  • S. 3514 — To amend the Internal Revenue Code of 1986 to increase the excise tax on net investment income of certain private colleges and universities.
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    Status:Introduced in Senate
    Words:281

    S. 3514 proposes an amendment to the Internal Revenue Code of 1986, aiming to increase the excise tax on net investment income for certain private colleges and universities. Specifically, it targets those institutions that are not religious and have assets, excluding those...

    Simple Explanation

    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.

  • H. R. 9331 — To amend the Internal Revenue Code of 1986 to modify the excise tax on investment income of private colleges and universities.
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    Status:Introduced in House
    Words:511

    H.R. 9331, known as the “Higher Education Accountability Tax Act,” aims to amend the Internal Revenue Code of 1986 to change the excise tax on investment income for private colleges and universities. The bill proposes increasing the tax rate from 1.4% to 10% and sets an even...

    Simple Explanation

    The bill wants private colleges and universities to pay more money from the income they earn by investing, with higher taxes if they raise their student costs too much. It also means more schools would have to pay this tax if they have a certain amount of money saved for each student.