The Hajj is performed between the 8th and 12th (or 13th) of Dhul-Hijjah, the 12th and final month of the Islamic calendar. The timing falls roughly 70 days after the end of Ramadan, though this can vary slightly depending on the lunar cycle.
By contrast, University of Pennsylvania’s total endowment was $22.3bn as of June 2024 and the institute has 24,219 full-time students, making the per-student endowment $920,764. While the institute currently pays the 1.4 percent tax, it will have to pay a 7 percent tax if the bill becomes law.But because the bill determines which universities are taxable based on per-student endowments, it isn’t just big schools that will be affected: Even smaller private institutions, that previously paid 1.4 percent tax, might now have to pay much more.
Pomona College in Claremont, California, had a total endowment of $3bn in 2024, of which the institute uses 5 percent each year.The university says 60 percent, or $36m, of financial aid at Pomona is covered by endowment, which also covers about half the institute’s operating budget. It has 1,747 students, which means Pomona has a per-student endowment of $1.7m. Until now, it paid a tax worth 1.4 percent of the endowment; if the bill passes, it will be taxed at 14 percent.Can this be enforced?
If the bill passes in the Senate, Trump is almost certain to sign it.But the version of the legislature that makes it out of Congress might be different from the one passed by the House.
“Even if the Senate passes the tax, it’s possible that they change the amount of the tax and the criteria for its application in the process,” said Emily Saulnier, editor-in-chief of the Boston College Law Review, a publication at Boston College Law School.
Centrist and conservative Republicans in the Senate are divided on the bill. House Speaker Mike Johnson has urged Republican senators to revise it as little as possible. If Senators pass a revised version, the House will need to vote on that new text for it to be passed onto Trump, who will then sign it into law.Addressing the parliament, Foreign Secretary David Lammy said the UK government couldn’t continue talks on upgrading its existing trade agreement with an Israeli government pursuing what he called “egregious policies” in Gaza and the occupied West Bank.
This came a day after the UK, France and Canadato take “concrete actions” against Israel if it does not stop its renewed offensive and lift aid restrictions in Gaza.
Meanwhile, the European Union has also taken a step towards reassessing its relationship with Israel with EU foreign policy chief Kaja Kallas confirming on Tuesday that the bloc had voted to review its trade cooperation agreement.How much is Israel-UK trade worth?