LETTER: Harvard sitting on a big pile of cash
Politicians are constantly blaring that the rich need to “pay their fair share.” It’s time for these politicians to ask elite tax-exempt organizations to pay their fair share, too.
The IRS tax code 501(c)(3) allows tax-exempt status for non-profits operating exclusively for religious, charitable or educational purposes. Does Harvard truly operate as a non-profit?
There are 24,000 students enrolled at Harvard. Annual tuition per student is more than $59,000. About half of those students receive free tuition. This would give Harvard a yearly tuition income of $700 million. Harvard also has a $53 billion endowment. One could assume such an elite organization would invest its $53 billion shrewdly. A 6 percent annual return would be $3 billion. Americans pay taxes on income from their savings and investment accounts. Like all Americans, Harvard enjoys the freedoms and protections our Constitution provides. In fairness, shouldn’t all non-profits contribute and pay at least some taxes on the income they receive from their investments?
