Inside Higher Ed has a story about Friday’s conference at AEI on college endowment spending.

I have a solution. It’s awfully politically incorrect, but it slices right through the Gordian Knot: Abolish the income tax. This problem wouldn’t exist if it weren’t for the fact that the income tax is used to reward certain behaviors and punish others. The income tax gives rise to a whole universe of bad consequences, of which endowment “hoarding” but a fairly minor one.