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Am Law 100 firm with practices in Business, Digital Assets and Data Management, Intellectual Property, Labor & Employment, Litigation and Tax.

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Contract Crunch: The Impact of President Trump’s Tariffs on the Construction Industry

Casie Collignon Speaks on Data Breach Lawsuits at Net Diligence Cyber Risk Summit

Tax Bill Proposes Trillions in Tax Cuts and Significant Tax Increases

Jeff Diener, Sally Kim Finalists for 2025 California Legal Awards

According to an Oct. 4, 2022, Wall Street Journal article titled “Endowment Tax on Wealthiest Universities Netted a Fraction of Predictions in 2021,” IRS figures show that the impact of a federal tax on universities’ endowment incomes has “so far been minimal.”  Established in 2017 at a time when wealthy universities were being criticized for continuing to raise tuition as their endowments thrived, the tax was initially expected to bring in $200 million per year, according to the article. In 2021, 33 schools paid a total of $68 million.  Partner Alexander Reid told the publication that this amounted to “a rounding error for the schools, a rounding error for the government, and really just a thumb in the eye more than anything.”  <a href="https://www.wsj.com/articles/endowment-tax-on-wealthiest-universities-netted-a-fraction-of-predictions-in-2021-11664886683?mod=Searchresults_pos1&page=1">Read the article (subscription required).</a>

Alexander Reid Quoted About Impact of Endowment Tax on Wealthy Universities

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