Call It a Stupidity Tax on College

Let’s tax college.
It’s a basic rule of economics that if you want less of something, you ought to tax it. We have entirely too much intellectual smog in our culture, and a small excise tax on university endowment income could be a start on clearing the air.
The Tax Cuts and Jobs Act introduced in Congress recently is filled with excellent if relatively unpopular ideas to streamline the Tax Code and close loopholes. This tends not to work politically, as the loopholes all have their constituencies, some of them quite large.
Many of these ideas, from reducing the corporate income tax, to repealing the deductibility of state and local taxes, to restoring a territorial tax system, have been around for a while (and will probably stick around for a while, too, as it’s hard to imagine much getting done in the present climate). But one newish idea in the bill caught my

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