Twenty-one percent excise tax threatens Grinnell College’s large endowment

On Jan. 15, Rep. Troy Nells (R-TX) introduced the Endowment Tax Fairness Act in the United States House of Representatives. If signed into law, the act would make Grinnell College’s endowment subject to a 21% excise tax, a sharp increase from the current 1.4% tax. The tax would affect “realized investment gains and income” of...