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Providing for Consideration of Senate Amendment to H.R. One Big Beautiful Bill Act

Floor Speech

Date: July 2, 2025
Location: Washington, DC

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Mr. NEHLS. Mr. Speaker, I rise today to discuss an important provision in the big, beautiful bill.

I was proud to introduce the Endowment Tax Fairness Act, which would tax the endowment profits of private, elite universities at 21 percent, raising an estimated--listen to me--$70 billion to $100 billion over 10 years.

The Senate gutted this provision and reduced it to under $1 billion annually to protect elite universities that take hundreds of millions of dollars annually in Federal tax dollars.

We were given instructions to generate revenue to pay for President Trump's wonderful priorities. We are not taxing the endowment itself. Harvard has $53 billion. We are not taxing that. We are just going to tax the net earnings on their investments at 21 percent, which is equal to the corporate tax rate.

What did the Senate do? They reduced it to 8 percent, just under 8 percent.

It is about time that we get these universities to pay the same that corporate America pays.

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