The Washington Post

Taxing George Washington’s Legacy — Like Chopping Down the Cherry Tree

January 18, 2018

William C. Dudley, president of Washington and Lee University (VA), writes:  In 1796, George Washington made a gift valued at $20,000 to a struggling classical school called Liberty Hall Academy. In recognition of the gift, Liberty Hall Academy became Washington College, which subsequently became Washington and Lee University in 1870.  More than 220 years after Washington made his donation, it remains part of Washington and Lee’s endowment and directly supports the education of every student at the university.  The Tax Cuts and Jobs Act, signed into law on Dec. 22, 2017, imposes a 1.4 percent tax on the endowment earnings of about 30 private colleges and universities, including Washington and Lee, that have worked diligently to marshal the resources to provide students with an education of the highest quality.

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