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

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,

Trump's online invectives and Harvard's equally staunch response belie the fact that it is "not immediately clear" whether the IRS is moving forward with revoking the school's tax-exempt status, said The New York Times.