House Republicans are proposing major tax hikes for the wealthiest U.S. universities as part of a new bill released Monday to extend President Trump’s 2017 tax cuts. Under the proposal, private colleges and universities with at least 500 students and endowments of more than $2 million per student would pay an increased tax rate of 21 percent on net investment income – a major increase from the current 1.

Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  House GOP unveils sweeping tax plans House Republicans on

GOP leaders hope to move it through the entire House by Memorial Day, and forward it on to the Senate for approval. Republicans aim to get it to Trump’s desk by their Fourth of July recess.