President Raynard S. Kington was quoted in a Wall Street Journal article by Michelle Hackman entitled, "Tax-Law Spat Over a Kentucky College Prompts Charges of Favoritism":
The affected universities are raising alarms, saying the new tax will siphon money that would otherwise go to aiding students.
In penalizing the wealthiest institutions, they say, the tax targets the very places that often provide the most generous aid packages.
“While I understand the broader frustration around how we finance higher education in this country, this does nothing to fix that,” said Raynard Kington, president of Grinnell College, a liberal arts school in Iowa with an endowment of about $1.9 billion.
Mr. Kington said the school spends about $50 million a year on tuition assistance, and he estimated the tax would cost it between $1 and $4 million annually. That could force the school to cut back aid or other academic resources, he said.