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Yahoo
30-05-2025
- Business
- Yahoo
Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
NEW YORK, May 30, 2025--(BUSINESS WIRE)--Today, BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock Enhanced International Dividend Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Enhanced Global Dividend Trust (NYSE: BOE), BlackRock Utilities, Infrastructure & Power Opportunities Trust (NYSE: BUI), BlackRock Enhanced Large Cap Core Fund, Inc. (NYSE: CII), BlackRock Science and Technology Trust (NYSE: BST), BlackRock Science and Technology Term Trust (NYSE: BSTZ), BlackRock Technology and Private Equity Term Trust (NYSE: BTX), BlackRock Capital Allocation Term Trust (NYSE: BCAT), and BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) (collectively, the "Funds") paid the following distributions per share: Fund Pay Date Per Share BCX May 30, 2025 $0.069700 BDJ May 30, 2025 $0.061900 BGR May 30, 2025 $0.097300 BGY May 30, 2025 $0.042600 BME May 30, 2025 $0.262100 BMEZ May 30, 2025 $0.171210 BOE May 30, 2025 $0.082700 BUI May 30, 2025 $0.136000 CII May 30, 2025 $0.141000 BST May 30, 2025 $0.250000 BSTZ May 30, 2025 $0.219200 BTX May 30, 2025 $0.082340 BCAT May 30, 2025 $0.281320 ECAT May 30, 2025 $0.299770 Each of the Funds has adopted a managed distribution plan (the "Plan") to support a level monthly distribution of income, capital gains and/or return of capital, or in the case of BMEZ, BSTZ, BTX, BCAT and ECAT a monthly distribution based on an annual rate of 12% (for BMEZ, BSTZ and BTX) and 20% (for BCAT and ECAT) of the Fund's 12-month rolling average daily net asset value calculated 5 business days prior to declaration date of each distribution. The fixed amounts distributed per share or distribution rate, as applicable, are subject to change at the discretion of each Fund's Board of Directors/Trustees. Under its Plan, each Fund will distribute all available net income to its shareholders, consistent with its investment objectives and as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net investment income and short-term capital gains) is not available on a monthly basis, the Funds will distribute long-term capital gains and/or return capital to their shareholders in order to maintain a level distribution. Each Fund's estimated sources of the distributions paid May 30, 2025 and for its current fiscal year are as follows: Estimated Allocations as of May 30, 2025 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BCX1 $0.069700 $0.014111 (20%) $0 (0%) $0 (0%) $0.055589 (80%) BDJ $0.061900 $0.015428 (25%) $0.006451 (10%) $0.040021 (65%) $0 (0%) BGR1 $0.097300 $0.016267 (17%) $0 (0%) $0 (0%) $0.081033 (83%) BGY1 $0.042600 $0.032396 (76%) $0 (0%) $0.010204 (24%) $0 (0%) BME $0.262100 $0 (0%) $0 (0%) $0.262100 (100%) $0 (0%) BMEZ1 $0.171210 $0 (0%) $0 (0%) $0 (0%) $0.171210 (100%) BOE1 $0.082700 $0.024583 (30%) $0 (0%) $0.058117 (70%) $0 (0%) BUI $0.136000 $0.031777 (23%) $0.019076 (14%) $0.085147 (63%) $0 (0%) CII $0.141000 $0 (0%) $0 (0%) $0.141000 (100%) $0 (0%) BST $0.250000 $0 (0%) $0 (0%) $0.250000 (100%) $0 (0%) BSTZ $0.219200 $0 (0%) $0 (0%) $0.219200 (100%) $0 (0%) BTX1 $0.082340 $0 (0%) $0 (0%) $0 (0%) $0.082340 (100%) BCAT1 $0.281320 $0.048342 (17%) $0 (0%) $0 (0%) $0.232978 (83%) ECAT1 $0.299770 $0.031324 (10%) $0 (0%) $0 (0%) $0.268446 (90%) Estimated Allocations for the Fiscal Year through May 30, 2025 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BCX1 $0.348500 $0.091412 (26%) $0 (0%) $0 (0%) $0.257088 (74%) BDJ $0.309500 $0.244379 (79%) $0.006451 (2%) $0.058670 (19%) $0 (0%) BGR1 $0.486500 $0.125900 (26%) $0 (0%) $0 (0%) $0.360600 (74%) BGY1 $0.213000 $0.061849 (29%) $0 (0%) $0.029762 (14%) $0.121389 (57%) BME1 $1.310500 $0.025851 (2%) $0 (0%) $1.264652 (96%) $0.019997 (2%) BMEZ1 $0.876970 $0 (0%) $0 (0%) $0 (0%) $0.876970 (100%) BOE1 $0.413500 $0.077915 (19%) $0 (0%) $0.185201 (45%) $0.150384 (36%) BUI $0.680000 $0.065711 (10%) $0.019076 (3%) $0.595213 (87%) $0 (0%) CII $0.705000 $0 (0%) $0 (0%) $0.705000 (100%) $0 (0%) BST $1.250000 $0 (0%) $0 (0%) $1.250000 (100%) $0 (0%) BSTZ $1.105720 $0 (0%) $0 (0%) $1.105720 (100%) $0 (0%) BTX1 $0.426340 $0 (0%) $0 (0%) $0 (0%) $0.426340 (100%) BCAT1 $1.430620 $0.120094 (8%) $0 (0%) $0 (0%) $1.310526 (92%) ECAT1 $1.524000 $0.068607 (5%) $0 (0%) $0 (0%) $1.455393 (95%) 1The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information: Fund Average annual total return (in relation to NAV) for the 5-year period ending on 4/30/2025 Annualized current distribution rate expressed as a percentage of NAV as of 4/30/2025 Cumulative total return (in relation to NAV) for the fiscal year through 4/30/2025 Cumulative fiscal year distributions as a percentage of NAV as of 4/30/2025 BCX 14.60% 8.62% 4.37% 2.87% BDJ 12.08% 8.36% 1.41% 2.79% BGR 17.52% 8.95% (2.41%) 2.98% BGY 9.32% 8.46% 5.33% 2.82% BME 6.72% 7.77% 0.88% 2.59% BMEZ 2.87% 13.53% (3.31%) 4.65% BOE 10.14% 8.49% (0.05%) 2.83% BUI 11.32% 7.04% 4.75% 2.35% CII 13.18% 8.52% (4.67%) 2.84% BST 9.75% 8.67% (10.22%) 2.89% BSTZ 8.09% 13.76% (13.52%) 4.64% BTX* (15.90%) 15.09% (17.80%) 5.25% BCAT* 4.78% 22.09% 0.29% 7.52% ECAT* 5.78% 22.37% (1.34%) 7.61% * Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception to 4/30/ should not draw any conclusions about a Fund's investment performance from the amount of the Fund's current distributions or from the terms of the Fund's Plan. BlackRock Income Trust, Inc. (NYSE: BKT), BlackRock Debt Strategies Fund, Inc. (NYSE: DSU), BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA), BlackRock Taxable Municipal Bond Trust (NYSE: BBN), BlackRock Floating Rate Income Trust (NYSE: BGT), BlackRock Corporate High Yield Fund, Inc. (NYSE: HYT), BlackRock Credit Allocation Income Trust (NYSE: BTZ), BlackRock Limited Duration Income Trust (NYSE: BLW), BlackRock Core Bond Trust (NYSE: BHK) and BlackRock Multi-Sector Income Trust (NYSE: BIT) have adopted a Plan to support a level monthly distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Fund's Board of Directors/Trustees. Under its Plan, each Fund will distribute all available net income to its shareholders, consistent with its investment objectives and as required by the Code. If sufficient income (inclusive of net investment income and short-term capital gains) is not available on a monthly basis, a Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain a level distribution. Each of the above-listed Funds is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund expects that distributions under the Plan will exceed current income and capital gains and therefore will likely include a return of capital. Each Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. Each Fund's estimated sources of the distributions paid May 30, 2025 and for its current fiscal year are as follows: Estimated Allocations as of May 30, 2025 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BKT2 $0.088200 $0.037638 (43%) $0 (0%) $0 (0%) $0.050562 (57%) DSU2 $0.098730 $0.062975 (64%) $0 (0%) $0 (0%) $0.035755 (36%) FRA2 $0.123840 $0.076270 (62%) $0 (0%) $0 (0%) $0.047570 (38%) BBN2 $0.092900 $0.078792 (85%) $0 (0%) $0 (0%) $0.014108 (15%) BGT2 $0.120280 $0.073491 (61%) $0 (0%) $0 (0%) $0.046789 (39%) HYT2 $0.077900 $0.059385 (76%) $0 (0%) $0 (0%) $0.018515 (24%) BTZ2 $0.083900 $0.060538 (72%) $0 (0%) $0 (0%) $0.023362 (28%) BLW2 $0.113200 $0.086629 (77%) $0 (0%) $0 (0%) $0.026571 (23%) BHK2 $0.074600 $0.049308 (66%) $0 (0%) $0 (0%) $0.025292 (34%) BIT2 $0.123700 $0.075549 (61%) $0 (0%) $0 (0%) $0.048151 (39%) Estimated Allocations for the Fiscal Year through May 30, 2025 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BKT2 $0.441000 $0.176270 (40%) $0 (0%) $0 (0%) $0.264730 (60%) DSU2 $0.493650 $0.303399 (61%) $0 (0%) $0 (0%) $0.190251 (39%) FRA2 $0.619200 $0.393525 (64%) $0 (0%) $0 (0%) $0.225675 (36%) BBN2 $0.464500 $0.399895 (86%) $0 (0%) $0 (0%) $0.064605 (14%) BGT2 $0.601400 $0.360225 (60%) $0 (0%) $0 (0%) $0.241175 (40%) HYT2 $0.389500 $0.288880 (74%) $0 (0%) $0 (0%) $0.100620 (26%) BTZ2 $0.419500 $0.291695 (70%) $0 (0%) $0 (0%) $0.127805 (30%) BLW2 $0.566000 $0.423608 (75%) $0 (0%) $0 (0%) $0.142392 (25%) BHK2 $0.373000 $0.246869 (66%) $0 (0%) $0 (0%) $0.126131 (34%) BIT2 $0.618500 $0.377583 (61%) $0 (0%) $0 (0%) $0.240917 (39%) 2The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund will send its stockholders a Form 1099-DIV for the calendar year that will illustrate how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information: Fund Average annual total return (in relation to NAV) for the 5-year period ending on 4/30/2025 Annualized current distribution rate expressed as a percentage of NAV as of 4/30/2025 Cumulative total return (in relation to NAV) for the fiscal year through 4/30/2025 Cumulative fiscal year distributions as a percentage of NAV as of 4/30/2025 BKT (1.20%) 8.81% 4.85% 2.94% DSU 9.17% 11.54% 0.32% 3.85% FRA 9.09% 11.99% (0.13%) 4.00% BBN 0.46% 6.47% 2.66% 2.16% BGT 9.19% 11.94% (0.01%) 3.98% HYT 7.96% 9.92% 0.62% 3.31% BTZ 3.98% 9.07% 1.60% 3.02% BLW 7.18% 9.90% 0.94% 3.30% BHK (0.56%) 8.73% 2.51% 2.91% BIT 8.84% 10.47% 1.13% 3.49% No conclusions should be drawn about a Fund's investment performance from the amount of the Fund's distributions or from the terms of the Fund's Plan. The amount distributed per share under a Plan is subject to change at the discretion of the applicable Fund's Board. Each Plan will be subject to ongoing review by the Board to determine whether the Plan should be continued, modified or terminated. The Board may amend the terms of a Plan or suspend or terminate a Plan at any time without prior notice to the Fund's shareholders if it deems such actions to be in the best interest of the Fund or its shareholders. The amendment or termination of a Plan could have an adverse effect on the market price of the Fund's shares. About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit Availability of Fund Updates BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the "Closed-end Funds" section of as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock's website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund's or BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund's net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock's ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's website at and on BlackRock's website at and may discuss these or other factors that affect the Funds. The information contained on BlackRock's website is not a part of this press release. View source version on Contacts 1-800-882-0052 Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
When Does 'No Tax on Tips' Go Into Effect?
Now that the "No Tax on Tips" bill has passed the U.S. Senate, when does it go into effect? For starters, it's not certain it will. There's another key hurdle it needs to pass. The "No Tax on Tips" bill passed the U.S. Senate on May 20. However, the bill must also pass the U.S. House, where there has been a separate bill that includes no tax on tips language, according to North According to Newsweek, if it does become law, though, the bill would then "take effect for all taxable years beginning after December 31, 2024." The bill is expected "to be passed one way or another" in the House, whether by itself or folded into another bill, The Hill reported. The bill's text says it would "amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on qualified tips through a deduction allowed toall individual taxpayers, and for other purposes." The deduction would be for tips not exceeding $25,000, according to the bill. The term "qualified tip" means "means any cash tip received by an individual in the course of such individual's employment in an occupation which traditionally and customarily received tips on or before Dec. 31, 2023, as provided by the Secretary" of the Treasury. The Secretary of the Treasury would be mandated to "publish a list of occupations which traditionally and customarily received tips on or before Dec. 31, 2023," the bill says. According to NBC News, the passage of the bill in the U.S. Senate was a surprise. "The tax break would also be restricted to employees who earn $160,000 or less in 2025, an amount that will rise with inflation" in later years, NBC News noted. The IRS typically taxes money received as tips, according to Kiplinger. The "No Tax on Tips" act passed on a 100-0 vote in the Senate. Kiplinger noted that the deduction would only apply to cash tips. The taxes affected are federal taxes, Politico reported.
Yahoo
20-05-2025
- Politics
- Yahoo
Rep. Burgess Owens' proposed school choice bill in the House now has a companion in the Senate
Utah Rep. Burgess Owens' recent school choice bill offering tax incentives for contributions supporting student scholarships now has a companion bill in the U.S. Senate. On Tuesday, Texas Sen. Ted Cruz introduced the 'Universal School Choice Act' that allows up to $10 billion annually in dollar-for-dollar federal tax credits for individuals and businesses that contribute to non-profit scholarship-granting organizations. Owens introduced similar legislation in the House earlier this year, telling the Deseret News it's 'one small step toward making sure that every child — no matter what ZIP code, what race, what background — has a choice.' Cruz's Senate bill is designed, according to his office, 'to enhance universal school choice and options for every child, regardless of where they live.' The Republican senator calls school choice 'the civil rights issue of the 21st century.' 'Every child in America deserves access to a quality education that meets their individual needs, regardless of race, ethnicity, income, or ZIP code,' said Cruz in a Tuesday press release. In a statement Tuesday, Owens said he's grateful for Cruz's partnership 'to help lead the most transformational expansion of school choice' the nation's ever seen. 'Once the envy of the world, America's math, reading, and writing scores have plummeted — yet again a consequence of the federal government's one-size-fits-all approach to education, which continues to leave our kids unprepared for the demands of today's workforce,' said Owens. 'The Universal School Choice Act empowers parents to take the driver's seat in their child's future, unlocking a menu of education options that meet their unique needs.' The Utah Republican has been a vocal advocate for school choice, arguing it offers parents opportunities to determine the right educational paths for their children. For some, he said, the right choice might be the local public school. For others, it's a parochial school or maybe homeschooling. Cruz's bill would amend the Internal Revenue Code of 1986 to provide a tax credit for individuals and corporations making contributions designated for scholarships benefiting qualified elementary and secondary school students. Individuals would be allowed a tax credit equal to the total of qualified contributions made in a taxable year — with maximum limits of 10% of adjusted gross income, or $5,000. Scholarship recipients would be allowed to use the money to cover tuition, fees, curricular materials and other educational expenses — including those for home-schooled students and special education services. Eligible scholarship-granting organizations must be nonprofit organizations that primarily engage in providing scholarship and operate under established guidelines such as undergoing independent audits and maintaining proper records. Scholarships should prioritize returning students, siblings of current recipients and those from low-income households. Organizers must avoid earmarking of funds for specific students. Parents retain the right to use scholarships at any qualified institution. The bill also includes protections preventing exclusion of private and religious schools from utilizing the scholarships. Of course, school choice/vouchers/scholarships debates remain litigious educational topics in Utah. Last month, a 3rd District judge ruled that the Utah Fits All Scholarship program currently being utilized by thousands of Utah children was unconstitutional. In her decision against the scholarship program, Judge Laura Scott said that because Utah Fits All is created by the Utah Legislature and a publicly funded educational program, it must satisfy the constitutional requirements applicable to the 'public education system' set forth in the Utah Constitution. The Legislature, added Scott, does not have the authority 'to circumvent these constitutional requirements by simply declining to 'designate' the program as part of the public education system.' Scott later decided the school voucher program could continue pending the expected defendants' appeal before the Utah Supreme Court. The Utah Fits All Scholarship program gives eligible K-12 students up to $8,000 a year for private school tuition and other costs. It went into effect in the fall of 2024. In its suit against the state, the Utah Education Association and other plaintiffs argued that the program violated the Utah Constitution because it diverts income tax revenue to fund private schools. Meanwhile, proponents of the program have countered that the program did not affect the state's system of public schools, but was in addition to that constitutional requirement, and that it cleared the bar of using income tax to support children. Following the judge's ruling, Utah Gov. Spencer Cox and legislative supporters of the scholarship program said they are preparing to appeal the decision to the Utah Supreme Court.
Yahoo
19-05-2025
- Business
- Yahoo
Prospect Capital Corporation Announces Redemption of its 3.706% Notes due 2026
NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) ('Prospect,' 'our' or 'we') announced today that it will redeem all outstanding 3.706% Notes due 2026 (the 'Notes') at a price of 100% of the principal amount of the Notes to be redeemed, plus accrued but unpaid interest, to but excluding the Redemption Date (the 'Redemption Price'). The redemption date will be June 18, 2025 (the 'Redemption Date'). The Notes are held through The Depository Trust Company and will be redeemed in accordance with the applicable procedures. This press release does not constitute a notice of redemption under the indenture governing the Notes. About Prospect Capital Corporation Prospect is a business development company lending to and investing in private businesses. Prospect's investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Caution Concerning Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future. For additional information, contact: Grier Eliasek, President and Chief Operating Officergrier@ (212) 448-0702Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Politics
- Yahoo
Trump says he's ‘taking away' Harvard's tax-exempt status. That would be an unpopular move, according to a new poll
President Trump said Friday that he would be "taking away" Harvard University's tax-exempt status, a move that would upend the school's finances and escalate his pressure campaign against some of America's most elite universities. "It's what they deserve!" Trump wrote on social media. But in the ongoing battle between Trump and Harvard, significantly more Americans side with Harvard, according to a new Yahoo News/YouGov poll. The survey of 1,597 U.S. adults was conducted from April 25 to 28, just days after Harvard sued the Trump administration in federal court. On April 11, the administration sent Harvard a letter saying it would lose billions of dollars in government funding unless it changed its hiring practices, admissions criteria and classroom priorities to make the campus 'viewpoint diverse.' When Harvard refused, the Trump administration froze more than $2 billion in federal research grants to the university and threatened its tax-exempt status. Federal law prohibits the president from using the Internal Revenue Service as a political tool, and if IRS employees receive an order from the White House to conduct a tax investigation, they're required to report it to an inspector general. The first time Trump said he would strip Harvard of its status, White House officials insisted the IRS would act independently and come to its own conclusion. 'There is no legal basis to rescind Harvard's tax-exempt status,' a Harvard spokesperson said Friday. 'Such an unprecedented action would endanger our ability to carry out our educational mission. It would result in diminished financial aid for students, abandonment of critical medical research programs, and lost opportunities for innovation.' Like other nonprofit educational institutions, Harvard is exempt from paying most federal taxes under Section 501(c)(3) of the Internal Revenue Code of 1986. Donors can also write off gifts to the school on their personal tax returns. Forcing Harvard's to pay taxes would drain it of funds currently used for education, research and aid; it could also cause donations to dry up. Citing concerns about Gaza War protests and diversity, equity and inclusion (DEI) programs, Trump has moved to impose his ideological preferences on other prestigious universities as well, using government money as leverage. But Harvard was the first to forcefully push back. The public largely supports the school's decision. According to the new Yahoo News/YouGov poll, a plurality of Americans (48%) approve of Harvard rejecting Trump's demands; just 31% disapprove. (The rest — 21% — are not sure). Likewise, 49% of Americans disapprove of the Trump administration's response (i.e., freezing Harvard's research grants and threatening its tax-exempt status); only 35% approve. Finally, far more Americans agree with an anonymous statement summarizing Harvard's side of the argument than with an anonymous statement summarizing Trump's: 49% agree that 'no government — regardless of which party is in power — should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue" (Harvard President Alan Garber). 35% agree that "the gravy train of federal assistance to institutions like Harvard is coming to an end' because 'taxpayer funds are a privilege, and Harvard fails to meet the basic conditions required to access that privilege" (White House spokesperson Harrison Fields). Since World War II, the U.S. government has sought to innovate and compete globally by funding scientific research at private universities — an arrangement that Trump and other Republicans have called into question by accusing these schools of discriminating against white and Jewish students, allowing transgender athletes to compete in women's sports and harboring liberal, even anti-American, biases. Some concessions have already been made. In March, Columbia University agreed to overhaul its protest policies, security practices and Middle Eastern studies department in an effort to claw back $400 million in federal funds. On Monday, Harvard changed the name of its Office for Equity, Diversity, Inclusion and Belonging to 'Community and Campus Life'; the following day, it released twin reports detailing how the war in Gaza had inflamed campus antisemitism and Islamophobia. Yet while most Americans agree with Trump and his allies that the politics of U.S. universities are "mostly liberal" (42%) rather than "mostly conservative" (6%) — or "neither liberal nor conservative" (25%) — they still approve of the federal government funding scientific research at such universities by a wide margin, 57% to 17%. Most Americans also see U.S. universities favorably (57%) rather than unfavorably (29%) — and the same goes for Harvard itself (52% favorable to 29% unfavorable). Trump's favorable rating, in comparison, is just 43%; his unfavorable rating is 10 percentage points higher (53%). Democratic support for Harvard's position is more uniform than Republican opposition: A full 73% of Democrats approve of Harvard's refusal to comply with Trump's demands, while just 51% of Republicans disapprove. GOP approval for the administration's response — i.e., freezing billions in federal grants — is higher, at 73%, but that support is concentrated among Republicans who say their most-watched cable network is Fox News (82%). There is less support for Trump's response among Republicans who don't watch any cable news (69%) or prefer CNN, MSNBC or some other network (59%). __________________ The Yahoo News survey was conducted by YouGov using a nationally representative sample of 1,597 U.S. adults interviewed online from April 25 to 28, 2025. The sample was weighted according to gender, age, race, education, 2024 election turnout and presidential vote, party identification and current voter registration status. Demographic weighting targets come from the 2019 American Community Survey. Party identification is weighted to the estimated distribution at the time of the election (31% Democratic, 32% Republican). Respondents were selected from YouGov's opt-in panel to be representative of all U.S. adults. The margin of error is approximately 2.9%.
