Trump Signs Law to Launch Dollar 2.0

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Can the IRS revoke Harvard's tax-exempt status?

GABRIELA AOUN ANGUEIRA and THALIA BEATY
April 17, 2025

For more than a century, the majority of colleges and universities have not paid most taxes. The Revenue Act of 1909 excused nonprofits operating "exclusively for religious, charitable, or educational purposes" in order to continue acting in the public interest.

President Donald Trump is looking to challenge that designation, complaining that colleges and universities are "indoctrinating" their students with "radical left" ideas, rather than educating them. And he has decided to start with the 488-year old Harvard University, one of the world's most prestigious institutions of learning and the first college founded in the American colonies.

On Tuesday, he targeted Harvard University in a post on his social media site, questioning whether it should remain tax-exempt "if it keeps pushing political, ideological, and terrorist inspired/supporting "Sickness?" Remember, Tax Exempt Status is totally contingent on acting in the PUBLIC INTEREST!"

Tax-exempt status, which is decided by the Internal Revenue Service, means that these institutions do not pay certain kinds of taxes and that their donors receive a tax deduction when they make gifts. The rules they have to follow to maintain that status are set out in the tax code. We spoke with attorneys who specialize in nonprofit law and freedom of speech to try to answer questions about this challenge.

Does a university's curriculum affect its charitable status?

In general, no. Colleges and universities have broad leeway to design the education they provide.

Genevieve Lakier, a First Amendment scholar at the University of Chicago Law School, said the U.S. Supreme Court has laid out four essential freedoms for colleges and universities -- what to teach, how to teach it, who their students are and who their professors are.

"That's the irreducible core of academic freedom and it is constitutionally protected in this country," she said, adding the government cannot threaten funding cuts or revoking a school's tax status as punishment for its views or what the school teaches.

The First Amendment also protects the rights of other nonprofits to pursue their charitable missions under freedom of assembly, Lakier said, even if those missions are odious or the government does not like them.

Can the president ask the IRS to revoke a nonprofit's tax-exempt status?

No, he is not supposed to, according to two nonprofit tax attorneys who wrote about a previous call from Trump to revoke the nonprofit status of colleges and universities.

In 1998, Congress passed a law that forbade federal officials from telling the IRS to investigate any taxpayer in an effort to increase trust in tax enforcement.

The attorneys, Ellen Aprill and Samuel Brunson, also pointed to legislation that forbade the IRS "from targeting individuals and organizations for ideological reasons," after a controversy over how it treated Tea Party groups in 2013.

How does a nonprofit get and keep its tax-exempt status?

The IRS recognizes multiple reasons for a nonprofit to to be exempt from paying many kinds of taxes, including pursuing charitable, religious or educational missions among many other examples. The statute specifically names sports competitions, preventing cruelty to children or animals and defending human or civil rights as exempt purposes.

Nonprofits can lose their tax-exempt status for things like improperly paying its directors, endorsing a political candidate or operating a business unrelated to its charitable mission.

In short, tax attorneys say nonprofits must operate "exclusively for charitable purposes," which is a different standard than what the president referred to as, "acting in the public interest."

Phil Hackney, a law professor at the University of Pittsburgh, said, "Long history and precedent suggest that Harvard and institutions of higher education are operating for educational purposes, which are considered charitable," under the tax code.

He said it would be exceedingly difficult to make a case that a college or university was not operating for charitable purposes under current law. However, Edward McCaffery, who teaches tax policy at the University of Southern California Gould School of Law, warned there is precedent for the IRS revoking the tax-exempt status of colleges that the government could lean on.

"I think to dismiss it out of hand as over-the-top bluster and that the administration has no power to unilaterally pursue it, I think that's naive," McCaffery said. "This could happen."

Has the IRS ever stripped a college of its tax-exempt status before?

Yes. In 1983, the Supreme Court upheld a lower court decision that the IRS could deny tax-exempt status to Bob Jones University, a private Christian university that banned interracial dating and marriage on campus, and Goldsboro Christian Schools, which employed racially discriminatory admissions policies.

The court found the IRS had some discretion to determine whether an organization seeking tax-exempt status met standards of "charity," meaning that it "must serve a public purpose and not be contrary to established public policy."

Nonetheless, McCaffery said, "The ability of the IRS just to come in and deny tax exemption, it better be a very clear, long-standing, deeply held public policy, and not political preferences for certain kinds of positions, attitudes and voting patterns."

How can the IRS revoke a nonprofit's tax-exempt status?

Usually, the IRS would open an audit, where it gathers evidence that a nonprofit is not operating exclusively for charitable purposes.

"The IRS would have to send to Harvard a proposed revocation of its status," Hackney said. "At that point, Harvard would have many different means to talk with the IRS about why they believed they were within the law," including suing.

However, Hackney said the U.S. Department of Treasury could implement new regulations, for example, stating that operating a diversity, equity and inclusion program is not consistent with charitable purposes. Such a change would usually take years to make and would run counter to decades of precedent, Hackney said.

"I am skeptical this effort will be successful," he said. "If it were, this would be the most dramatic change of charitable law in my lifetime and I would say in the history of our charitable law."

___

Associated Press coverage of philanthropy and nonprofits receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP's philanthropy coverage, visit https://apnews.com/hub/philanthropy.

Continue Reading...

Popular

Cipher Mining Amplified: New 2x ETF Lets Traders Double Down On Bitcoin Miner

CIFU ETF lets traders double their bet on Bitcoin miner Cipher Mining, one of the fastest-growing players in the U.S. crypto infrastructure sector.

EPAM Confident On Growth, Initiates $1 Billion Stock Buyback

EPAM Systems (EPAM) stock gained 4.41% after reporting strong third-quarter 2025 results, with sales of $1.394 billion.

Global Demand for Defense Metals Is Surging 7X - Ad

Lithium, uranium and titanium are at the center of a global race. Nations are scrambling to secure them for fighter jets, EVs, and reactors. One N. American project could help fill the West's critical-minerals gap.

Why A Bitcoin Thanksgiving Rally Is Probably Not Happening: 10x Research

Bitcoin's (CRYPTO: BTC) 24% slide over the past month has traders looking to macro catalysts for direction, but 10x Research says the market may be looking at

Veterans Day: What's open, what's closed

WASHINGTON (AP) — The Veterans Day holiday began more than a century ago, albeit under a different name, as a celebration of the end of World War I. Over time its name and purpose evolved into a day of recognition for of as well as those currently serving in uniform.

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment - Ad

Washington's push for domestic copper, silver, gold, and tungsten is reshaping the resource landscape. Their neighbor's multi-metal hits, supported by $6M in federal funding and a 300%+ YTD surge, confirmed this Nevada corridor is the right kind of ground. Now another early-stage explorer has stepped into the same trend as interest accelerates.

Amazon's $150 Billion AI Capex Surge Could Force Its First Big Bond Deal In Years

Amazon may need to tap Wall Street for funds as it faces rising AI and data center spending, despite sitting on $84 billion in cash.

Wendy's to close hundreds of US stores in bid to halt falling profit

Wendy’s plans to close hundreds U.S. restaurants over the next few months in an effort to boost its profit.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit the most.

Iran confirms seizure of oil tanker in the Strait of Hormuz

TEHRAN, Iran (AP) — Iran on Saturday confirmed as it traveled through the narrow Strait of Hormuz over violations including carrying an illegal consignment, state media reported.

Nvidia Stock 'Particularly Compelling,' Could See 70% Earnings Growth In 2026, Analyst Says

Bank of America Securities analyst Vivek Arya said skepticism around artificial intelligence (AI) spending is understandable but overstated, calling it a healthy correction within a long-term growth cycle.

The Stock-Picking AI That Could Triple Your Money This Year - Ad

Early users could have already tripled their money every single year this AI has been live, based on the average winning trade spotted - WITHOUT having to check the news, WITHOUT watching the Fed, and WITHOUT all the stress most traders have to deal with. For now, you can try this AI yourself, completely free of charge - no email, no credit card.

Shaquille O'Neal's Parenting Strategy: Sons Must Leave Home at 18, Daughters Can Stay Indefinitely: 'I Like My Girls a Little Bit Better'

Shaquille O'Neal once disclosed his unconventional parenting approach, stating that he prompts his sons to leave home at 18, while his daughters are allowed to stay as long as they wish.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after January 29, it may be too late.

Warren Buffett Initiates Alphabet Position, Trims Apple In Q3 — Here Are Berkshire's Moves

Warren Buffett's Berkshire Hathaway took a new stake in a member of the Magnificent Seven, while lowering its stake in Apple in the third quarter.

Cathie Wood Bets Big On These Stocks As Bitcoin, Ethereum Crash —Dumps Instagram Rival

On Tuesday, Cathie Wood-led Ark Invest made significant trades, notably increasing its holdings in Bullish (NYSE:BLSH), Coinbase Glo

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

Trump has other tariff options if the Supreme Court strikes down his worldwide import taxes

WASHINGTON (AP) — President Donald Trump has warned that the United States will be rendered “defenseless’’ and possibly “reduced to almost Third World status’’ if Supreme Court strikes down the tariffs he imposed this year on nearly every country on earth.

Lebanon's most wanted drug trafficker taken into custody, authorities say

BEIRUT (AP) — Lebanon's most wanted drug trafficker was arrested Thursday after years on the run, authorities said.

AI Tech in Baltimore Lab Learns to Forecast Stock Prices (See its Live Calls on NVDA, AMZN, TSLA - For Free) - Ad

The same AI tech being used to save 50 lives per year in California hospitals has now learned to forecast U.S. stock prices with remarkable results.

Cathie Wood Makes $13.4 Million Bet On This Social Network After Earnings Crash — But Dumps Robinhood And Reddit

Ark Invest made significant trades, focusing on Pinterest, Robinhood, and Reddit amid earnings reports. They have confidence in Pinterest's potential despite recent setbacks.

Investigators look into 'repeating bell' heard during takeoff of UPS cargo plane that crashed

LOUISVILLE, Ky. (AP) — A repeating bell sounded in the cockpit for 25 seconds as pilots tried to control a UPS cargo plane that caught fire, had an engine fall off and this week in Louisville, Kentucky, a National Transportation Safety Board member said Friday.

Why Is a $116B Mining Giant Backing a $10M Firm? - Ad

Rio Tinto rarely makes early-stage bets. Yet one small N. American firm earned its trust with projects in lithium, uranium, and titanium - all vital to U.S. defense and energy independence.

Donald Trump's Popularity Falls As Shutdown Drags On

President Donald Trump's approval rating has continued to drop, with the latest poll showing a significant decline, raising concerns for the Republican Party as the 2026 midterm elections approach.

Bill.Com Scales Payments Footprint With 33 Million Transactions

Bill Holdings, Inc. (BILL) reports Q1 fiscal 2026 results, beating analyst estimates with adjusted EPS of 61c and revenue of $395.74M.

Elon's Optimus to Mint New "Musk Millionaires" as Soon as Jan 26? - Ad

Elon Musk may be set to create more "Musk Millionaires" as soon as January 26... Because on that day, he's expected to officially launch his Optimus robot... An AI-powered robot that Elon himself says will be capable of "doing anything bar nothing". Now, it's important to point out that Elon hasn't released it to the public yet... But ahead of the launch, one Silicon Valley insider has identified a "backdoor way" for any American to invest in Optimus with a regular brokerage account...

Deep in Trump country, coal miners with black lung say government is suffocating the 'working man'

OAK HILL, W.Va. (AP) — Lisa Emery loves to talk about her “boys.” With each word, the respiratory therapist’s face softens and shines with pride. But keep her talking, and it doesn’t take long for that passion to switch to hurt. She knows the names, ages, families and the intimate stories of each one’s scarred lungs. She worries about a whole community of West Virginia coal miners — including a growing number in their 30s and 40s — who come to her for help while getting sicker and sicker from what used to be considered an old-timer’s disease: black lung.

First Trust Launches Critical Metals ETF As Demand For Clean Energy, EV Materials Heats Up

First Trust Advisors debuts its 300th ETF, giving investors exposure to companies powering the clean energy and tech revolution through essential metals.

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Sunrun Stock Drops After Mixed Q3 Earnings Report

Sunrun shares were down after the company released a mixed third-quarter earnings report after Thursday's closing bell.  

Rivian Automotive CEO Gets An Elon Musk-Style Pay Raise

Rivian CEO's new pay plan could be worth up to $4.6 billion over the next ten years.

Global Demand for Defense Metals Is Surging 7X - Ad

Lithium, uranium and titanium are at the center of a global race. Nations are scrambling to secure them for fighter jets, EVs, and reactors. One N. American project could help fill the West's critical-minerals gap.

'No hire' job market leaves unemployed in limbo as threats to economy multiply

WASHINGTON (AP) — When Carly Kaprive left a job in Kansas City and moved to Chicago a year ago, she figured it would take three to six months to find a new position. After all, the 32-year old project manager had never been unemployed for longer than three months.

The U.S. Wants Metal Independence - And This Nevada Opportunity Fits the Moment - Ad

Washington's push for domestic copper, silver, gold, and tungsten is reshaping the resource landscape. Their neighbor's multi-metal hits, supported by $6M in federal funding and a 300%+ YTD surge, confirmed this Nevada corridor is the right kind of ground. Now another early-stage explorer has stepped into the same trend as interest accelerates.

MP Materials Stock Rebounds After Losses Following Mixed Q3 Results

MP Materials Corp (NYSE:MP) shares are trading higher on Friday after initially trading lower following the company's mixed third-quarter financial results.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit the most.

Criminal case against Boeing over deadly 737 Max plane crashes is dismissed by a US judge

A federal judge in Texas has agreed to dismiss a criminal conspiracy charge against Boeing in connection with two that killed 346 people.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright traderelite.club
Privacy Policy | Terms of Service