Washington, D.C.—Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today announced his intent to introduce legislation that would end the tax benefit for donations made to colleges and universities before or during the enrollment of children of the donor’s family:
“Yesterday’s headlines about the wealthiest Americans buying access to our elite colleges and universities is just a new version of an old story. While the prosecutor attempted to distinguish these crimes from payoffs in the form of buildings or stadiums to secure access for the undeserving, it is all part of the same corrupt system.
“The federal government shouldn’t be perpetuating this system by awarding tax breaks to these contributions, contributions that return to the donor a benefit of inestimable value.
“This is yet another example of how the tax code helps the wealthiest Americans get even further ahead, and I will soon be introducing legislation that would end the tax break for donations made to schools before or during the enrollment of children of the donor’s family. Middle-class families don’t have access to this back door for their children. If the wealthy want to grease the skids, they shouldn’t be able to do so at the expense of American taxpayers.”