Trump says his administration is revoking Harvard’s tax-exempt standing
Washington — President Trump mentioned Friday his administration will likely be rescinding Harvard College’s tax-exempt standing, additional escalating the continued feud with the Ivy League faculty.
“We’re going to be taking away Harvard’s Tax Exempt Standing. It is what they deserve!” the president mentioned in a submit to Fact Social.
Mr. Trump didn’t present additional particulars concerning the effort to strip Harvard of its designation as a 501(c)(3) group, however he has floated taking such a step as lately as final month.
Roughly 2 million organizations have acquired tax-exempt standing from the Inside Income Service, together with charities like church buildings, environmental teams and universities. The designation means the teams are exempt from paying federal earnings taxes and the IRS considers donations to 501(c)(3) organizations to be tax-deductible.
Mr. Trump’s resolution is the most recent in a sequence of strikes focusing on the college. His administration introduced final month that it will be freezing $2.2 billion in grants and $60 million in contracts to Harvard after the college rejected a sequence of calls for made by the administration. Among the many circumstances have been for Harvard to discontinue its variety, fairness and inclusion applications, positions and initiatives, change its hiring practices and alter its management.
After the Trump administration introduced it will be freezing the funding to Harvard, the college sued and alleged the transfer was illegal. It is doubtless a withdrawal of Harvard’s tax-exempt standing will immediate additional authorized motion.
