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05/30/2025

5/30/25: Weekly Recap of Headlines We Found Interesting

 
The Return of Blue Books
 
As cheating with AI and other technology proliferates across college campus, the venerable "Blue Book" is staging a revival.  Could it be that students have to take what is inside their heads and transmit it to paper under pressure?  As someone who had to work in that crucible in college and law school, I feel a certain amount of glee with this.  It's like live performances are coming back!  Perhaps this will reawaken some old skills, take one part of the education process away from technology, and reinject some critical thinking and academic accountability back into the college experience.
 
 
New York's Convenience Rule is Not Going Away
 
For those who thought WFH was going to be supported by the NY Tax Department, think again. New York's "Convenience Rule" is too juicy a source of revenue for the state to give up.

State taxes nonresidents’ wages if employer is based in state.
Professor argued he wasn’t allowed into NYC during pandemic.

H/t: Michael Hirsch
New York was right to tax a Cardozo Law School professor’s wages earned while working from his Connecticut home, even when pandemic restrictions barred him from the New York campus, a state tax tribunal affirmed.  
 
https://news.bloombergtax.com/daily-tax-report-state/n-y-wins-another-round-in-challenge-to-taxation-of-remote-work
 
Endowment CIO's are Game-Planning for a Tax Neutron Bomb
 
It's all fun and games until your returns are "after-tax"...

The largest Private and non-religious university endowments could face a tax hike from 1.4% to 21%. The rate scales down for smaller institutions.

If these endowment taxes hit as suggested by The House Budget, it will serve as a fulcrum event in the way these pools of money are managed. I'm sure these institutions will figure out the math and the investment consultants will adapt.

However, asset allocations (especially around liquidity), time horizons, asset class choice, manager selection (especially around distribution policy and tax awareness), position sizing, and career risk will certainly be affected.

For many institutions below the " NACUBO 100," this could put more strain on fundraising efforts and dependence on tuitions (at a time when the worth of a degree is under scrutiny).

PS- How the universities didn't get in front of this with their lobbying effort is beyond me.
 
 
 
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