{"id":1567150,"date":"2022-07-22T22:19:13","date_gmt":"2022-07-23T02:19:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1567150"},"modified":"2022-07-22T22:19:15","modified_gmt":"2022-07-23T02:19:15","slug":"new-bill-to-tax-college-endowment-investments-in-hostile-chinese-companies-at-100-percent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-bill-to-tax-college-endowment-investments-in-hostile-chinese-companies-at-100-percent\/","title":{"rendered":"New Bill to Tax College Endowment Investments in Hostile Chinese Companies at 100 Percent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-bill-to-tax-college-endowment-investments-in-hostile-chinese-companies-at-100-percent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1567150&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A new Republican-backed bill in Congress seeks to pressure elite private colleges to pull their endowment dollars from hostile Chinese entities by taxing those investments at a 100 percent rate.<\/p>\n<p>Rep. Greg Murphy (R-N.C.) on Wednesday introduced the\u00a0<a href=\"https:\/\/gregmurphy.house.gov\/media\/press-releases\/murphy-introduces-bill-pressure-university-endowments-divest-dangerous-chinese\">Protecting Endowments from our Adversaries Act<\/a>, which encourages divestment from companies deemed hostile to the United States, including those advancing the interests of the Chinese Communist Party.<\/p>\n<p>If passed, the bill would institute a 50 percent excise tax on the principal <a href=\"https:\/\/www.theepochtimes.com\/t-investment-2\">investment<\/a> for all entities added to the U.S. government\u2019s sanction list, such as the Commerce Department\u2019s Entity List, and a 100 percent tax on gains realized from such investments.<\/p>\n<p>It would apply to any private college or university with an endowment valued at over $1 billion, of which there are approximately 80 in the United States, including Harvard ($53 billion), Yale ($42 billion), and Princeton ($37 billion) Universities and the Massachusetts Institute of Technology ($27 billion).<\/p>\n<p>In May 2019, <a href=\"https:\/\/www.buzzfeednews.com\/article\/ryanmac\/us-money-funding-facial-recognition-sensetime-megvii\">BuzzFeed<\/a> reported that the endowment funds of Princeton and MIT had investments in Megvii, a major supplier of facial recognition technology the Chinese communist regime utilizes to build its mass surveillance network. The Trump administration added Megvii to the Entity List in October of that year, citing the software company\u2019s involvement in human rights abuses in <a href=\"https:\/\/www.theepochtimes.com\/t-china\">China<\/a>\u2019s Xinjiang region.<\/p>\n<p>\u201cThese billion-dollar, tax-advantaged university endowments have a moral obligation to divest from companies that are detrimental to the safety and security of the United States,\u201d said Murphy in a statement announcing the bill.<\/p>\n<p>A growing number of elite schools have already been divesting from certain companies and industries to advance a variety of causes. For example, Harvard <a href=\"https:\/\/www.harvard.edu\/president\/news\/2021\/climate-change-update-on-harvard-action\/\">decided<\/a> in September 2021 to stop investing in fossil fuels in an effort to \u201cspeed change towards a decarbonized economy.\u201d In early March, just days after Russia launched<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new Republican-backed bill in Congress seeks to pressure elite private colleges to pull their endowment dollars from hostile Chinese entities by taxing those investments at a 100 percent rate. Rep. Greg Murphy (R-N.C.) on Wednesday introduced the\u00a0Protecting Endowments from our Adversaries Act, which encourages divestment from companies deemed hostile to the United States, including [\u2026]<\/p>\n","protected":false},"author":392,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1567150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1567150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/392"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1567150"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1567150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1567150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1567150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1567150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}