Latest news with #May22
Forbes
19 hours ago
- Business
- Forbes
These Small Colleges Would Be Hit Hard By Trump's New Endowment Tax
The tax and spending bill passed by the House of Representatives on May 22 would increase the taxes some colleges and universities would have to pay on several sources of university income, most notably endowment earnings. Much of the attention being paid to this controversial component of the legislation has focused on the impact the new taxes would have on the nation's richest universities like Harvard, Yale, Stanford, Princeton and MIT. Estimates are that some of those schools could see tax increases topping $500 million annually. However, as the details of the proposed increase are studied more carefully, it's clear that a a substantial number of small, liberal arts colleges would also be hit with huge tax increases as well, sometimes increasing by 10 to 15 times their current rate. As part of the plan, the tax on the endowment earnings of private colleges and universities would be hiked from 1.4% to as much as 21%. Currently, a few dozen private universities with at least 500 full-time equivalent students and an endowment worth at least $500,000 per student are subject to a 1.4% tax on endowment earnings, a levy that was passed during Trump's first term. Under the new proposal, the increases would be tiered. The bill also changes how the number of students is calculated. By excluding foreign and undocumented students from the count, it increases both the number of institutions subject to endowment taxes and the number who would have to pay a larger rate. Religious colleges are exempted from the tax, but what schools qualify as being religious will likely be debated. Several analysts have estimated the tax burdens generated by the proposed increases. Their calculations vary to some degree because of different assumptions about the average rate of return for endowments, the time frame for quantifying the number of domestic students and the absolute size of each endowment. I based the numbers below primarily on two sources: calculations by Wellesley College economics professor Phillip Levine, and a May 20 New York Times analysis. Here are a dozen examples of the increased yearly taxes small liberal arts colleges – those with enrollments of less than 2,500 students — would be forced to pay, based on the provisions in the House-passed bill. Amherst College (Massachusetts) would see its endowment taxes increase by more than $50 million. Pomona College (California) and Swarthmore College (Pennsylvania) would both face increases in their tax bills of more than $40 million. Taxes for Williams College (Massachusetts) would increase from about $3.7 million to more than $37 million. Wellesley College (Massachusetts) would see a jump from about $3.2 million in annual taxes to $31.7 million. Grinnell College (Iowa) would see its taxes increase from about $2.8 million to $27.2 million. Bowdoin College (Maine) would pay an additional nearly $25 million in taxes, going from $2.8 million currently to about $27.5 million under the tiered system. Smith College (Massachusetts) would increase from a $2.7 million tax obligation to approximately $14.7 million. Taxes would increase more than fivefold for Washington and Lee University (Virginia), jumping from $2.2 million to $11.9 million. McPhereson College (Kansas), which has been the recipient of two anonymous $500 million gifts in the past few years, would pay endowment taxes for the first time, estimated at about $8 million annually. Davidson College (North Carolina) and Claremont-Mckenna College (California) could see their tax bills increase by more than $6 million apiece. It doesn't stop there. Other small colleges, including Berry College in Georgia, DePauw University in Indiana and Whitman College in Washington might also be subject to endowment taxes for the first time, according to a recent Forbes analysis. House Ways and Means Committee Chair Jason Smith (R-Missouri) lauded the new tax, claiming that 'private universities with massive endowments and large nonprofits have operated like corporations, all while pushing political agendas and enjoying taxpayer-funded benefits. That ends now." Here's what else might end if the reconciliation bill becomes law: hundreds of millions of dollars in financial aid for students. According to the 2024 NACUBO-Commonfund Study of Endowments, the largest share of endowment spending — 48.1% — goes to provide financial aid through institutional scholarships and tuition discounts. Should endowment taxes increase, institutions may need to reduce their spending on helping financially needy students be able to attend college. Colleges are intensifying their lobbying efforts, hoping they can persuade the Senate to lighten up on the tax increases or broaden the application of the religious exemption in the bill, but it now appears likely that a greater number of colleges are going to be paying more taxes as part of what President Trump has championed as his war against 'woke' higher education. Although conservative politicians have largely applauded the proposed increases, they may change their tune as the total implications of the bill become better known. It's one thing to put the screws to Harvard, Yale and Stanford, but it's a whole different matter when small, beloved colleges in Iowa, Indiana and North Carolina become the targets too.
Yahoo
25-05-2025
- Entertainment
- Yahoo
Britney Spears Admits to Lighting Cigarette on Flight but Says Notifying Authorities 'Was Kinda Much'
On May 22, Britney Spears lit a cigarette during a flight, leading flight attendants to request she put it out and authorities to issue an official warning Spears shared her side of the incident in a May 23 Instagram post, stating that she thought she was on a "plane where you can smoke" The singer also said she thought alerting authorities "was kinda much," and claimed the flight marked her "first time" ever drinking vodkaAfter making headlines for lighting a cigarette mid-flight, Britney Spears is sharing her side of the story. On a May 22 flight, Spears, 43, lit a cigarette — a violation of federal aviation regulations — before putting it out at the request of flight attendants on the charter plane, sources previously confirmed to PEOPLE. Authorities also issued a warning about her conduct at the airport following the flight. After the incident, JSX, the public charter operator that Spears was aboard, had no comment. The day after the incident, however, the 'Toxic' singer recounted the events of the flight and aftermath from her point of view in an Instagram post. Alongside a video of herself on the flight, Spears began, 'Me yesterday !!! It's actually incredibly funny !!!' 'Some planes I've been on you can't smoke mostly but this one was different because the drink holders were on outside of seat !!!' she wrote in the May 23 post. 'Confession it was my first time drinking VODKA!!! I swear I felt so SMART 🙄🙄🤔😂😂😂😂 !!! I was like wow what the heck is in there !!! I felt so clear and smart !!! And said I want a cigarette so bad !!!' So, she continued, 'My friend put it in my mouth and lit 🔥 it up for me so I was like OH SO THIS IS A PLANE WHERE YOU CAN SMOKE !!!' The star went on to apologize and state that in her opinion, contacting the authorities was 'kinda much.' She also made several allegations about one flight attendant in particular, describing her as 'weird' and claiming she 'invaded' the singer's personal space. 'I do so apologize to anyone I offended but the flight attendants always make sure I'm way at the back of plane anyways 🤷🏼♀️🤷🏼♀️🤷🏼♀️ !!!' wrote Spears. 'I thought officials greeted me as support and I was like WOW I feel special !!! I've never been to an international airport 😂😂😂😂 !!! Am I famous or something ???' 'The flight attendant called officials because I smoked a cigarette !!! And embarrass me which jeez I thought was kinda much but she didn't like me the moment I got on plane !!!' the singer continued. 'Nobody was on the plane for first 20 minutes and she wouldn't let me get out of my seat I wanted to stand up !!! She acted so weird about making sure I sat down and it was weird !!! I didn't like the way she put the seatbelt on me and invaded my space !!!' Spears was traveling with her security from Cabo San Lucas, Mexico, to Los Angeles on the headline-making May 22 flight, where — as she stated in her Instagram post — she was drinking and lit a cigarette. Alarmed by the move, flight attendants insisted the star put out the cigarette, and she did. Authorities were then contacted mid-flight and when the plane landed, Spears was met by officials, who issued a warning about her conduct on the flight before she was allowed to leave. "This is not her first warning," a source told PEOPLE exclusively. "She doesn't exactly follow the rules." Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Spears was under a conservatorship for 13 years following mental health concerns after a series of troubling incidents in the early 2000s. The star's father, Jamie Spears, served as the conservator of her estate. The "Circus" singer successfully petitioned the court to terminate the conservatorship in November 2021 and, about two years after it ended, released her best-selling memoir, The Woman in Me. Read the original article on People
Yahoo
25-05-2025
- Entertainment
- Yahoo
Golden Retriever's Pure Excitement Over Seeing Friends at Day Care Is Everything
Considering just how important socializing our pets is, it's no surprise that some dogs really thrive in doggy day care. If their humans can't be around, they're all about getting in some playtime with other pups and hanging out with their friends. On Thursday, May 22, @cookiethegoldenretriver1 on TikTok shared this footage of the excitement her Golden Retriever has when it's time to see her friends at school. Nobody better get in her way, or they're getting knocked over! Here, we see Cookie right at the door, absolutely losing her mind with how excited she is to get in there and play. It's kind of mind blowing just how fast her little paws are going, trying to get that door. She might be setting a new record or something. Safe to say that day care must be one of her very favorite places. If Mom ever worries about her when she's not around, this must be a pretty reassuring sight to see!While watching the other videos that Cookie's mom has shared on TikTok, it seems like this Golden Retriever doesn't just love her friends hard — she loves her people just as much. For example, she might be a dog, but this is a straight up bear hug that Cookie is giving her kid! There's truly nothing better than snuggling with your pup, especially if your dog loves hugs like Cookie does, so I know her kiddo must have been on cloud nine! And in another TikTok video, Cookie is waiting so patiently by the window for her dad to come home and watching that driveway like a hawk. I can only imagine the happiness that ensues when they are reunited at the end of the day. Cookie has such a big heart and so much excitement to give. Never change, Cookie! 🐶🐾🐾 Golden Retriever's Pure Excitement Over Seeing Friends at Day Care Is Everything first appeared on Parade Pets on May 25, 2025
CTV News
23-05-2025
- Entertainment
- CTV News
Where to pair a beer with Folk Fest nostalgia
A person takes in 50 years of Winnipeg Folk Festival photos while holding a pint of beer on May 22, 2025. (Glenn Pismenny/CTV News Winnipeg)
Reuters
22-05-2025
- Sport
- Reuters
Heidenheim battle back for 2-2 draw with Elversberg in relegation playoff
HEIDENHEIM, Germany, May 22 (Reuters) - Bundesliga club Heidenheim scored twice in three minutes in the second half to come from two goals down and snatch a 2-2 draw against visitors Elversberg in the relegation playoff first leg on Thursday. Elversberg, third in the second division, stunned Heidenheim to go 2-0 up by halftime thanks to goals from Lukas Petkov in the 18th minute and Fisnik Asllani, the team's top scorer this season. Heidenheim, who finished in 16th place in the Bundesliga, had a goal disallowed on the stroke of halftime and hit the woodwork early in the second half before Tim Siersleben pulled one back in the 62nd. Just two minutes later Mathias Honsak drew Heidenheim level, scoring on the rebound as the hosts got 14 efforts towards goal in a strong second half. The return leg in Elversberg is on Monday. VfL Bochum and Holstein Kiel were relegated from the Bundesliga while Cologne and Hamburg SV won automatic promotion to the top division.
