Democrat Wants to End Tax Deductions for Some College Donations

The multimillion-dollar college admissions scam that has ensnared celebrities and financial executives is drawing the ire of lawmakers.

Sen. Ron Wyden, R-Ore., ranking member of the Senate Finance Committee, has announced that he plans to introduce legislation that would end the tax benefit for donations made to colleges and universities before or during the enrollment of children of the donor’s family.

“Headlines about the wealthiest Americans buying access to our elite colleges and universities is just a new version of an old story,” said Wyden in a statement. “While the prosecutor attempted to distinguish these crimes from payoffs in the form of buildings or stadiums to secure access for the undeserving, it is all part of the same corrupt system.”

The federal government “shouldn’t be perpetuating this system by awarding tax breaks to these contributions, contributions that return to the donor a benefit of inestimable value,” Wyden added.

The admissions scandal “is yet another example of how the tax code helps the wealthiest Americans get even further ahead,” Wyden said, stating that he’d introduce his legislation soon.