Guest Post by John Stossel
Yale University has fancy dining halls. They pay no property tax.
Local restaurants struggle to compete, but their tax burden makes that hard.
“We basically pay one-third of our rent in taxes!” complains Matt West, manager of Koon Thai Restaurant. “Yale is a money-making machine.”
It is. Many colleges are.
Yale has a $31 billion endowment. Harvard’s is $40 billion. My alma mater, Princeton, has $26 billion.
Yet, these schools also get government handouts and tax breaks. How government rips-off taxpayers and students by subsidizing colleges is the subject of my video this week.
Yale owns about a quarter of the town of New Haven, Connecticut, but the school pays little property tax. It even has a golf course that’s half tax-exempt.