A bill in Congress would increase the endowment tax for Harvard and other schools to 21%, the equivalent of the corporate tax rate.

Can Harvard stand up to Trump's once-in-a-generation attack on the American collegiate system? . | Credit: Erica Denhoff / Icon Sportswire via Even within the elite Ivy League, Harvard University stands out as the country's premier institution of higher education.

After the university rejected his administration’s demands, President Donald Trump threatened to tax Harvard as a "political entity," following his move to freeze $2.2 billion in federal funding to the school. He doubled down on his ultimatums three weeks later, insisting that Harvard losing its tax-exempt status was "what they deserve."