You want to tax the rich? Okay, let's start with Harvard

The amount of wealth held by major colleges and large grant-making foundations is astounding. The National Association of College and University Business Officers’ annual study found that 107 institutions held endowments of $1 billion or more as of June 30, 2019. Together, these institutions of higher earning held $494 billion in assets, or roughly a tenth of the total net worth of all individual billionaires in the United States combined. The university figure is surely much higher today. Charitable foundations hold even more wealth. One estimate found they held more than $1 trillion in assets in 2017, with the richest five alone holding nearly $100 billion between them. Given that the stock market has risen more than 50 percent since then, their portfolios should be hundreds of billions of dollars richer. That means America’s charitable foundations and billionaire universities hold at least $1.5 trillion in assets. That’s far more wealth than that of Jeff Bezos, Bill Gates, Mark Zuckerberg, Elon Musk and the founders of Google and Oracle combined. Democrats often criticize these billionaires for not paying their fair shares, but they pay a lot more than these wealthy institutions. Rich universities and grant-making foundations pay a mere 1.4 percent in federal taxes on their net investment income, a fraction of the 23.8 percent rich people pay on their capital gains. To put this in perspective, if Gates made $100 million in trading Microsoft stock, he would pay $23.8 million in federal capital gains tax, plus any state income taxes he might owe. If the Bill and Melinda Gates Foundation made the same $100 million trading the same stock, it would pay Uncle Sam a mere $1.4 million.