BOSTON -- The Gonzalez Tax Clock at HowWillJayPay.com is still ticking as Jay Gonzalez rolls out a new tax on resources that fund financial aid and scholarships for low- and middle-income students, that's even more aggressive than the plan Jay's fellow Democrats panned as part of federal tax reform. Sen. Elizabeth Warren called the plan "completely backwards on higher education," while Sen. Ed Markey warned that it would "result in the availability of fewer dollars for scholarships" and would limit access for low-and middle-income students.
Still, the aggressive tax on students' financial aid resources raises less than 1.7% of the $60 billion in new spending Gonzalez has promised. Today the MassGOP adds a "How Will Jay Pay" thermometer to HowWillJayPay.com, to remind Jay that he has just 98.3% or $59 billion to go.
ONLY $59 BILLION TO GO:
TRACK JAY'S PROGRESS AT HOWWILLJAYPAY.COM
The Dems Jay Spent The Last Week "Unifying" With Panned The Idea Of Taxing Endowments, Warning It Would Put Financial Aid, Research At Risk
Sen. Elizabeth Warren: "On Friday, Massachusetts Senator Elizabeth Warren called the plan 'completely backwards on higher education.' 'By eliminating deductions for college and student loan expenses, the GOP will increase the burden on young people already struggling with student debt,' Warren said in a statement. 'And nonprofit college endowments should fund things like tuition reduction, basic research, and scholarships for students — not giant tax cuts for rich Republican donors and giant corporations.'" (Dierdre Fernandes, "Higher education prepares for battle on tax plan," The Boston Globe, 11/7/18)
Sen. Ed Markey: “'I am greatly concerned that a tax on endowments will result in the availability of fewer dollars for scholarships, student services, research, and operating expenses at universities across the country, and particularly in Massachusetts,' Markey wrote to the Senate committee, in a letter provided to the Globe. 'At a time of rising higher education costs, Congress should not be taking from nonprofit education institutions,' Markey said.'" (Astead Herndon, "Elite colleges with fat endowments are on the defensive as the GOP drags them into a D.C. tax fight," The Boston Globe, 11/15/17)
- The entire MA delegation voted against the bill (Source)
When The Idea Was Proposed As Part Of Federal Tax Reform, Higher Ed Leaders Warned It Would Curb Access For Low- And Middle-Income Students
49 College Presidents Warned The Plan Would Hurt Low- and Middle-Income Students: "The presidents of 49 top private colleges signed a letter delivered to Congressional leadership Wednesday. In it, the signatories ask lawmakers to 'repeal or amend' the endowment tax, arguing that it will 'constrain the resources available to the very institutions that lead the nation in reducing, if not eliminating, the costs for low- and middle-income students.'" (Source)
- The Letter: "The net investment income tax will impede our efforts to help students, improve education, expand the boundaries of knowledge, advance technological innovation, and enhance health and well-being. Each year we spend funds from our endowments to support this critical work." (PDF)
Gonzalez Admits His Plan Won't Fund All Of His Costly Agenda
"Since Gonzalez won the Democratic nomination earlier this month, Baker’s campaign and the state Republican Party have pressed him on how he’ll pay for his expensive plans — even starting a website, HowWillJayPay.com.
"The Democrat now has an answer, even as he acknowledged it won’t cover the cost of all the programs he wants to put in place." (Josh Miller, "Jay Gonzalez’s revenue plan would tax state’s major colleges and universities," The Boston Globe, 9/19/18)