Senators Shield Billion-Dollar Foundations From Tax Hikes While America’s Families Pay the Price
While hardworking American families face rising taxes and shrinking social safety nets, bipartisan lawmakers quietly protected massive foundation endowments from steep tax hikes—fueling concerns over government priorities and fairness.
On July 4, amid widespread debate over fiscal responsibility, two Republican senators led a bipartisan coalition to block what would have been a staggering 600% tax increase on the endowments of some of America’s wealthiest private foundations. Instead of holding these billion-dollar entities accountable, Washington chose to shield them—raising taxes only on university endowments. Why Are Private Foundations Exempt from Paying Their Fair Share? Senators Todd Young (R-IN) and James Lankford (R-OK) spearheaded this effort, arguing that the proposed excise tax increase unfairly targeted a small group of large foundations accused of pushing progressive agendas. But the question remains: why...
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