Statement: Tax of this magnitude would do serious damage

A tax of this magnitude would seriously damage our ability to conduct research that strengthens our nation’s security and economic competitiveness. It would make it harder for us to make a world-class college education affordable for all families, too. It’s basically a tax on national research and student aid, and at MIT alone it would cut hundreds of millions of dollars from our budget each year. In our view this doesn’t advance the nation’s economic well-being.

For background, MIT’s educational endowment and other investments support over 40% of our annual campus budget, and are relied on as a permanent source of support for our education and research mission.