WASHINGTON (AP) — A tax on the endowments of America’s wealthiest colleges began during President Donald Trump’s first administration, collecting 1.4% of their investment earnings. Under Republican proposals on Capitol Hill, that rate could increase by tenfold or more.

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

Can Harvard stand up to Trump's once-in-a-generation attack on the American collegiate system? . | Credit: Erica Denhoff / Icon Sportswire via Even within the elite Ivy League, Harvard University stands out as the country's premier institution of higher education.

While President Trump has called for tariffs to help the U.S. film business, others are pushing for a federal tax incentive that they say could boost domestic production.

The proposal from California Gov. Gavin Newsom (D) came after President Donald Trump called for massive tariffs on films made overseas.

California Democrats Gov. Gavin Newsom and Sen. Adam Schiff both offered to work with the Trump administration to bring Hollywood filmmaking from overseas.

Billionaire Bill Ackman criticized Harvard University for failing to clamp down on antisemitic protests and agreed it needed to lose its tax-exempt status.