The House Ways and Means proposal would impose a graduated endowment tax. Institutions with endowments of $500,000 to $750,000 per student would still pay the 1.4 percent tax. As the size of the endowment grows, however, the investment income would be taxed at 7 percent, 14 percent, or as high as 21 percent for schools with endowments of at least $2 million per student. In 2017, during Trump’s first term, Congress passed a 1.4 percent tax on investment income from university endowments that have at least $500,000 per student and at least 500 students — which translates to a minimum...