“end the tax-exempt status of college endowments that don't spend enough of their funds on lowering tuition costs or supporting student activities”
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Trump did not end the tax-exempt status of college endowments, and no enacted measure conditions taxation on how much endowments spend on tuition or student activities. He did sign the Tax Cuts and Jobs Act (Pub. L. 115-97, Dec. 22, 2017), which created a new 1.4% excise tax on the net investment income of the wealthiest private-college endowments (26 U.S.C. 4968), and on July 4, 2025 signed Pub. L. 119-21 raising that tax to tiered rates of 1.4%, 4%, and 8%. Taxing endowment investment income partially advances the promise's aim, but the specific spending-conditioned revocation of exempt status never happened.
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