Tom Cotton should go further: An endowment tax should not exclude big foundations

Pressure in Congress is rapidly growing to respond to the Left-leaning tilt of universities by increasing the excise tax on their endowments. There’s no doubt that for legislators concerned about both the quality of education and looking for a way to raise revenue without increasing tax rates, endowments such as Harvard’s $50 billion or Yale’s $40 billion endowments, buoyed by tax-exempt gifts, are an inviting and not inappropriate target. Arkansas Senator Tom Cotton has proposed a one-time tax...