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,

A New York University School of Law professor on tax policy called the news a “lawless action by the President.”