The Department of Transportation has asked the airport – a major hub for United Airlines, which serves New York City – to reduce operations from 77 to 56 departures and arrivals per hour. The change could significantly affect air travellers and carriers that rely on the airport.
The proposal was drafted by Republican legislators in the Ways and Means Committee, the oldest tax-writing body in the House.“For too long, universities have received beneficial treatment from our tax code while disregarding the interest of taxpayers,” Jason Smith, Missouri Republican and chairman of the House Ways and Means Committee, said shortly after the bill passed.
A fact sheet released by Smith says the tax “holds woke, elite universities that operate more like major corporations and other tax-exempt entities accountable”.The bill is now headed to the Senate, where Republicans hold 53 seats and Democrats hold 47. It is unclear when the vote will take place, but Trump is urging Republican senators to promptly pass it.On May 22, Trump wrote on his Truth Social platform: “Thank you to every Republican who voted YES on this Historic Bill! Now, it’s time for our friends in the United States Senate to get to work, and send this Bill to my desk AS SOON AS POSSIBLE!”
How many colleges could be affected by this?An investigation by The New York Times found that at least 58 schools could potentially be affected by this.
Major universities could fall under the highest tax slab.
In the 2024 fiscal year, Harvard University’s total endowment was worth approximately $53.2bn – the largest of any university. There are 24,596 students at Harvard, which means the per-student endowment is $2.16m. That means it will have to pay a 21 percent tax if the bill becomes law.trade talks in Geneva
, tariffs on both sides were dropped by115 percentage points
for 90 days, during which time negotiators hope to secure a longer-term agreement. For now, the US has maintained a 30 percent tariff on all Chinese goods while Beijing has a 10 percent levy on US products.In the weeks since the temporary reprieve, however, Washington and Beijing appear to have had only limited discussions.