Rich Colleges are Assessed Minor Taxes

The MIT college president complains about the new tax bill:

MIT now pays a 1.4% tax on that investment income. The current Senate version of the bill would hike this endowment tax rate to 8%. To give you a sense of scale, for MIT that proposed tax hike is equivalent to our entire annual undergraduate financial aid budget

So MIT funds all of its financial aid with just 8% of its endowment income. What does it spend the other 92% on?

These super-rich colleges should be viewed like businesses that perpetuate themselves. Everyone else pays much higher taxes.