The main purpose of this legislative proposal is to amend the tax code to increase the excise tax on the investment income of private colleges and universities. The goal is to generate additional revenue that can be used to help reduce the national deficit and debt. Key provisions of the proposal include a significant increase in the excise tax rate on the investment income of private colleges and universities. Currently, this tax is set at 1.4 percent, and the proposal raises it to 21 percent. This change means that these institutions will pay a much higher tax on their investment earnings.