President Donald Trump, early Friday, declared his administration will be taking away Harvard's tax-exempt status, a move that would spike the Ivy League's tax burden substantially, according to experts.
"We are going to be taking away Harvard's Tax Exempt Status," Trump said on Truth Social. "It's what they deserve!"
Last month, Trump said that the school should "perhaps" lose the tax exemption and accused the university of acting as a "political entity."
Harvard's endowment, at roughly $52 billion, is reportedly the largest at any U.S. university, reports MassLive on Thursday.
House Republicans have also proposed raising the tax rate for endowment profits at certain universities, such as Harvard, from 1.4% to 21%. Under that proposal, the Massachusetts university could face annual taxes of more than $500 million.