As we hear more and more punditry on who wins with the new Tax Reform law the President signed last week (80% of American taxpayers will see a tax reduction!) and who loses, it seemed to take a bit of a comical twist last week with the complaints of a number of institutions of higher learning across the country about the costs of the new law. From Massachusetts, we read in amazement as the hierarchy of Harvard University and the Massachusetts Institute of Technology complained that the new 1.4% excise tax (on investment returns at private colleges with endowments of more than $500,000 per student) will cost the institutions millions of dollars and potentially drive up the cost of a college education! MIT complains it will cost them over $10 million per year! Prior to the tax reform bill being signed into law by the President, Harvard University was sitting on an untaxed $37.1 Billion endowment, while MIT had to scrape by with just a paltry $14.8 Billion in its untaxable endowment for 2017! Yale, Stanford and Princeton Universities all enjoy more than $20 Billion in untaxed endowments, while UPenn, Northwestern, Michigan and Texas A & M are just a tad over $10 Billion! Where will they all get the 1.4%How will they get by now??