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Harvard Will Pay More Taxes Than Ford, GM, Bacow Says (Correct)

May 20, 2022, 8:13 PM

Harvard University’s tax bill this year will exceed that of several large US corporations, said Lawrence Bacow, the school’s president.

The Ivy League college is among several that are subject to a 1.4% excise tax on investment earnings. The levy was passed during the Trump administration to help offset corporate tax cuts.

“I think this is bad public policy. We’re a charitable institution,” Bacow said Wednesday at the Economic Club of Washington. “To put it in context, Harvard this year will pay more in federal tax than General Motors, more in federal tax than Ford, more in federal ...