Bill Ackman Slams Tax Exemption For 'High-Cost' Private Universities That Put People In Debt And Spew 'Poisonous Ideologies'

Billionaire hedge fund manager Bill Ackman took to X, formerly Twitter, to question the tax exemptions of high-cost private universities amid the ongoing student debt crisis.

What Happened: On Sunday, Ackman tweeted about the burden of student loans, specifically referencing the cost of attending Columbia University.

He questioned why Americans who don’t attend college or opt for lower-cost public universities should subsidize private institutions and their endowments. He also criticized these universities for their “poisonous ideologies”.

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This isn’t the first time Ackman has expressed concerns about student debt. He previously stated that student loans are “unnecessarily burdensome to millions of Americans” and that overburdening younger generations is “bad for America”.

Why It Matters: Ackman’s comments come amid a wider discussion on the impact of student loans. Financial expert Dave Ramsey has also highlighted the long-term stress and regret associated with student loans, with research showing that 53% of those who took out student loans regretted it. Furthermore, he claims that 88% of people taking out debt consolidation loans see their debt grow back.

President Joe Biden’s announcement of additional student loan forgiveness has sparked further debate, with some, including Ackman, criticizing the move as “illegal” and a means of “buying votes with other people’s money.”

Photo by Center for Jewish History, NYC via Wikimedia Commons

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