![]() ![]() The idea represents a political volley by the former president on a policy field where the current president has tried to make inroads.īiden administration officials have pursued various debt relief efforts, including by offering help to Americans who have debt from college but don’t have a degree. It’s not clear whether that alone would be enough money to support the new educational institution, though Trump said he would also generate funding for the school by “fining and suing” wealthy universities too. In 2022, 58 institutions paid a total of $244 million in tax under that law, according to the most recent IRS data. Trump’s 2017 tax law for the first time imposed a 1.4 percent levy on the investment income of the nation’s wealthiest private universities. In his proposal, Trump calls for supporting the new educational institution by taxing wealthy endowments - which has long been a favorite target of conservatives. Trump would likely need to sell Congress on his plan. Using the federal government to create an entirely new educational institution aimed at competing with the thousands of existing schools would drastically reshape American higher education. ![]() Trump campaign officials said they have yet to decide who would run American Academy, but said they would look to include private sector resources and they pointed to several potential models, including oversight by an existing government agency, a presidentially appointed board or commission, or a publicly funded private entity. “We spend more money on higher education than any other country and yet, they’re turning our students into communists and terrorists and sympathizers of many, many different dimensions,” Trump said in a video of his proposal. Prominent business leaders, politicians, and donors have criticized their alma maters and even vowed to pull future donations to schools for muddled or muted statements, or for allowing pro-Palestinian speakers on campus. institutions, including top universities, have come under increased political scrutiny, most recently for their response to the deadly attack on Israel by Hamas. ![]()
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