Varying proposals have called for raising the rate to 14% or 21%, treating traditionally tax-free universities like major corporations

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.