I love this quote that Felix picks from a Brad DeLong commenter in the ongoing debate about whether Harvard’s endowment gains should be taxed:
Harvard is an investment bank with a mom-and-pop non-profit enterprise attached to it for tax purposes.
There is a fairly savage Harvard takedown here by Jim Manzi.
Who is right? I’m haven’t spent enough time with this one yet, but I have to confess that I sidle closer to the "tax ‘em" crew when it comes to private university endowments.
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