President Trump's legally dubious threat to strip Harvard's tax-exempt status could cost the university hundreds of millions a year, and other nonprofits fear they could be next. Why it matters: Trump has waged an unprecedented assault on the independence of universities,

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

WASHINGTON (AP) — President Donald Trump on Friday re-upped his threat to strip Harvard University of its tax-exempt status, escalating a showdown with the first major college that has defied the administration's efforts to crack down on campus activism.