During a segment on Bloomberg’s “Balance of Power,” Representative Jake O’Cincolos (D-MA) argued that increasing taxes on university funds seems illogical, especially as they strive to compete with China in the realms of research and development.
Co-host Kylie Lane responded, noting that Republicans perceive the looming tax hike differently; it could raise the donation tax to 21%. As a sitting lawmaker and a Harvard graduate, she expressed awareness of the existing tensions between Harvard and other prestigious educational institutions and the current administration.
“With China poised to enhance its own R&D capabilities, making substantial investments in biotechnology, AI, cybersecurity, and advanced research facilities,” she added, “this could undermine our scientific and technological edge, ultimately aiming to diminish living standards and shape the innovations that drive global economic leadership.”
