00:00There's an endowment tax that was put in under the first Trump administration, and it was increased in this current administration.
00:07The endowment tax is a tax on earnings by major universities, in effect.
00:14And do you see any real justification for that tax, and is it impacting Harvard adversely or other schools like Harvard?
00:20The endowment tax, clearly, it's a substantial tax, particularly for universities like Harvard that are expected to be in the top tier.
00:33And, of course, it's damaging because, for example, so much of our financial aid, the scholarships that we give our students, are funded through the endowment.
00:45And it funds the research, it funds all kinds of activities in the university.
00:51So, yes, it's quite damaging.
00:53In terms of addressing the problems that we are accused of, and that I believe was part of the rationale for implementing or for passing the endowment tax,
01:08the tax is only going to make it harder to address these issues, not easier.
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