Yes, the excise tax on university endowments that was included in the Tax Cuts and Jobs Act of 2017 is still in effect. The tax applies to private colleges and universities with at least 500 students and endowments worth at least $500,000 per student, and it imposes a 1.4% excise tax on the net investment income of those institutions.

The tax has been controversial and has been opposed by many college and university leaders, who argue that it reduces funding for education and research. However, supporters of the tax argue that it helps to raise revenue for the government and encourages colleges and universities to use their endowments to provide more financial assistance to students.

It's worth noting that the tax only applies to a relatively small number of institutions, and the revenue generated from the tax is relatively modest. Nonetheless, it represents a significant change in the tax treatment of university endowments and has been seen by many as a departure from the longstanding tradition of tax-exempt status for nonprofit organizations.

The excise tax on university endowments that was included in the Tax Cuts and Jobs Act of 2017 generated an estimated $1.8 billion in revenue over a ten-year period, according to the Joint Committee on Taxation.

This revenue estimate was based on projections of the number of institutions that would be subject to the tax and the expected net investment income of those institutions. However, it's worth noting that the actual revenue generated by the tax could vary depending on a variety of factors, including changes in investment income, fluctuations in the number of institutions subject to the tax, and other factors.

Overall, while the excise tax on university endowments did generate some revenue for the government, it was relatively modest compared to the overall federal budget and to the size of the endowments themselves. Nonetheless, it represents a significant change in the tax treatment of university endowments and has been a subject of ongoing debate and discussion in higher education policy circles.

Yes, Senator Chuck Schumer, the Democratic Minority Leader in the Senate, has been a vocal critic of the excise tax on university endowments and has advocated for its repeal.

In 2019, Senator Schumer introduced legislation called the "Protecting Taxpayers and Communities from Tax Hikes (PATCH) Act," which included a provision to repeal the excise tax on university endowments. The legislation ultimately did not pass, but Senator Schumer has continued to advocate for the repeal of the tax.

Senator Schumer has argued that the tax unfairly targets universities and reduces funding for education and research. He has also criticized the fact that the tax applies only to private colleges and universities, and not to public institutions or other types of nonprofit organizations.

Supporters of the tax, however, have argued that it helps to raise revenue for the government and encourages colleges and universities to use their endowments to provide more financial assistance to students. The debate over the excise tax on university endowments is likely to continue, and it remains to be seen whether there will be any changes to the tax in the future.