A bill in Congress would increase the endowment tax for Harvard and other schools to 21%, the equivalent of the corporate tax rate.

President Trump's legally dubious threat to strip Harvard's tax-exempt status could cost the university hundreds of millions a year, and other nonprofits fear they could be next. Why it matters: Trump has waged an unprecedented assault on the independence of universities,

U.S. President Donald Trump said on Friday his administration will revoke Harvard University's tax-exempt status, returning to a threat he issued against the Massachusetts school last month as part of his wider attack on elite universities.