Posted by
Ed Lilly on Sunday, May 11, 2008 7:14:32 AM
In the spirit of true bipartisanship, I think that were I in the Massachusetts state legislature, I would have no problem casting a vote for the plan outlined by Prof. Paul Caron at his taxprof blog (h/t Instapundit):
Massachusetts lawmakers desperate for additional revenue are eyeing the endowments of deep-pocketed private colleges to bolster the state's coffers by more than $1 billion a year, asserting that the schools' rising fortunes undercut their nonprofit status.
Legislators have asked state finance officials to study a plan that would impose a 2.5% annual assessment on colleges with endowments over $1 billion, an amount now exceeded by nine Massachusetts institutions.
Now, if only we could Barack Obama's pastor to recognize this type of scenario as a true instance of chickens coming home to roost, we'd be getting somewhere.