美国名校遭税务重击！捐赠基金税率暴涨五倍，新税法瞄准顶尖大学

Core Insights - The new tax law passed by the U.S. Congress has imposed significant financial burdens on Ivy League universities, leading to unprecedented fiscal challenges despite their high investment returns [1][3][14] - The tax on university endowments has increased from 1.4% to a tiered rate of 4% and 8%, with the wealthiest institutions like Harvard and Yale facing over $1 billion in taxes each over the next five years [3][5] - The financial strain has forced these universities to implement austerity measures, including hiring freezes and cuts to doctoral program admissions, which could impact teaching and research capabilities [9][11] Financial Impact - Five out of seven affected universities reported double-digit investment return growth for 2025, driven by strong U.S. stock market performance, yet these gains are overshadowed by rising tax liabilities [5][9] - The investment strategies of these universities are heavily weighted towards illiquid assets such as private equity, limiting their ability to generate cash flow quickly to meet tax obligations [7][11] Structural Challenges - The new tax policy has exposed a structural contradiction within the U.S. higher education system, where universities are "cash-rich but asset-poor," struggling to convert investment returns into liquid funds [13][14] - The reduction in doctoral student admissions and the freezing of capital projects are expected to slow down research progress and hinder the renewal of campus facilities, ultimately affecting the universities' competitive edge [11][18] Broader Implications - The crisis highlights the need for U.S. universities to reassess their financial strategies and balance investment returns with educational quality and research funding [16][18] - The situation may serve as a cautionary tale for Chinese universities as they strive to build world-class institutions, emphasizing the importance of a robust financial framework [16]