The University Daily, Est. 1873 | Volume CXLV, No. 12 | Cambridge, Massachusetts | Friday, february 2, 2018
The Harvard Crimson There are important advantages to selecting an internal candidate for president. staff editorial PAGE 4
Men’s Basketball moves ahead in hopes for Ivy League success this winter season. sports PAGE 6
Durbin Speech Met with Protest
Nine Students Elected to Council
By simone c. chu and Alexandra a. Chaidez
By jonah s. berger Crimson Staff Writer
Crimson Staff Writers
A round 100 students from across the University spent Thursday evening marching up and down in front of the John F. Kennedy Jr. Forum to protest Senate Minority Whip Richard J. Durbin as, inside the building, he spoke on immigration to a select handful of Harvard affiliates. Some demonstrators said they turned out to rally against what they called Senate Democrats’ too-eager willingness to reopen the government after a three-day shutdown last month. The shutdown began when Republicans refused to pass a bill protecting recipients of the Deferred Action for Childhood Arrivals program, an Obama-era initiative that gives legal protections to undocumented young people. Durbin was one of 33
See Durbin Page 3
Protesters gather outside the Institute of Politics Thursday night to support immigration rights. Amy Y. LI—Crimson photographer
See UC Election Page 3
Impact of Endowment Tax Remains Unclear
SEE PAGE 5
By William L. wang Crimson Staff Writer
Experts say the effect of the unprecedented federal tax on Harvard’s endowment remains unclear as the federal government continues to work out how the new law will be implemented, though it could potentially change Harvard’s long-term investment strategy if tax rates increase. In December, Republican lawmakers passed tax legislation—dubbed the “Tax Cuts and Jobs Act”— which requires private colleges with endowments greater than $500,000 per student to pay a 1.4 percent tax on annual endowment returns. Harvard is one of 35 institutions that could pay tens of millions in federal tax under this new provision. Provost Alan M. Garber ’76 criticized the bill in a November email to Harvard affiliates, estimating that the University would have paid $43 million if the tax had existed in fiscal year 2017. New York University finance professor David L. Yermack ’85 said there were “big unknowns” surrounding the tax bill as the Internal Revenue Service has yet to define how the law will be
Baker Library
Nine students were elected to the Undergraduate Council after this week’s midterm election, according to UC Election Commission Chair Jubin Gorji ’21. The Election Commission also called for a re-vote in Leverett House after no candidate there reached the vote threshold necessary to be elected. A total of 371 undergraduates cast ballots this year, according to data provided by the Election Commission, representing a slight decrease from the 402 who voted in last year’s midterm election. UC elections use the Hare-Clark voting method, a type of ranked voting system in which each candidate must reach a certain vote quota to be elected. In Leverett this week, a writein candidacy by former UC representative Benjamin Sorkin ’20 prevented
Harvard Business School’s Baker Library. Caleb D. SCHWArtz—Crimson photographer
regulated. If, for instance, capital gains are only taxed upon sale, Yermack said he would expect Harvard to do “much less high frequency trading” in order to avoid taxation. “Until the IRS weighs in on this, we would not have a lot to go on in terms of what fraction of the profits of the endowment of any university might be taxed, let alone what might be exempt,” Yermack said. “Until they write the regulations and explain how they will regulate this, it’s anybody’s guess.” The process of executing the new tax law, which Yermack called the “broadest tax bill in 30 years,” could take months to resolve—potentially years if a university challenges the legislation in federal court. Business School Professor Luis M. Viceira said the 1.4 percent tax rate could affect how Harvard spends its money, but it is not likely to “make a huge difference” for the University’s overall investment strategy. Viceira warned, however, that the precedent the endowment tax sets could lead to longer-term consequences. “Going down into the future, once
See endowment Page 3
Khurana and Kelsey Start ‘Transcript Project’
Teaching Fellows Face Course Uncertainty
By Annie c. Doris By Shera S. Avi-yonah
Crimson Staff Writer
Crimson Staff Writer
Graduate students and faculty said fluctuating enrollments in the classes they teach can cause challenges for course staff, who often face uncertain schedules as a result of undergraduates shopping, adding, and dropping courses during the first weeks of the semester. Psychology Professor Fiery A. Cushman said the beginning of the semester is often a chaotic time for him and his teaching staff. “It’s a little bit of a scramble, because you’re trying to figure out exactly who your staff is going to be at the same time that you’re sectioning,” Cushman said. Cushman teaches Psychology 15: “Social Psychology,” which had to add several sections this semester due to
Students will have the opportunity to enter the Transcript Project, a creative competition for undergraduates to reflect on their course choices and academic trajectory, according to an announcement by Dean of the College Rakesh Khurana on Wednesday. The project encourages students to view their transcript as representative of a series of memorable academic moments rather than of a list of grades. Students can participate in the competition by submitting a piece of work, such as a short essay, song, or photo, that encapsulates and analyzes their academic journey at Harvard. Project creator Robin E. Kelsey, dean of arts and humanities, said undergraduates on the student advisory
See Shopping Week Page 3 Inside this issue
Harvard Today 2
News 3
Bid day 2018
Editorial 4
Sorority members gather outside the Sheraton Commander on bid day Wednesday morning.
See transcript Page 3
Amy Y. Li—Crimson photographer
Sports 6
Today’s Forecast
SNOWY High: 33 Low: 11
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