House Republicans are proposing major tax hikes for the wealthiest U.S. universities as part of a new bill released Monday to extend President Trump’s 2017 tax cuts. Under the proposal, private colleges and universities with at least 500 students and endowments of more than $2 million per student would pay an increased tax rate of 21 percent on net investment income – a major increase from the current 1.

TPC found that, on average, all income groups would benefit from the tax proposals. But more than two-thirds of the tax cuts would go to those making $217,000 or more.