The House Ways and Means Committee proposed taxing university endowments at up to 22%. Diermeier was in Washington every other week arguing that taxing endowments means taxing philanthropic intent. The final rate landed at 8%.
Where this was said
At 8:27 · chapter starts 8:25
This chapter is the most policy-dense section of the interview. Diermeier describes spending considerable time in Washington — alone and alongside other university presidents — fighting a House Ways and Means Committee proposal for a 22% endowment tax [1] — Daniel Diermeier "Endowment tax: 22% proposed, 8% enacted: The House Ways and Means Committee proposed a 22% endowment tax; after lobbying by university pres…" 08:41 . His argument: endowments are accumulated philanthropy, so taxing them means taxing philanthropic intent, with direct consequences for financial aid and research. The lobbying succeeded in reducing bands from four to two and capping the rate at 8% [1] — Daniel Diermeier "Endowment tax: 22% proposed, 8% enacted: The House Ways and Means Committee proposed a 22% endowment tax; after lobbying by university pres…" 08:41 . Diermeier then pivots to NIH: despite fears, appropriations actually increased by about $300 million [2] — Daniel Diermeier "NIH funding: +$300M in appropriations: Despite fears of cuts, final Congressional appropriations actually increased NIH funding by about $3…" 10:26 , reflecting genuine bipartisan support for research. But the operational problem is speed — personnel shortages at NIH are creating approval bottlenecks that Vanderbilt can bridge in the short term, but that will cause material damage if they persist. He notes Vanderbilt has made no layoffs, which distinguishes it from many peers facing severe financial strain.
The House Ways and Means Committee proposed a 22% endowment tax; after lobbying by university presidents, the highest rate was reduced to 8%.
Despite fears of cuts, final Congressional appropriations actually increased NIH funding by about $300 million, reflecting bipartisan support for research.
Vanderbilt has not conducted any layoffs while many peer universities have laid off large numbers of staff due to funding cuts and financial strain.
Galloway confesses to occasionally writing after a drink or two — and finding the work grips better because it removes filters and lets emotion through. AI is the opposite: it optimizes for pattern-matching and produces a regression to the mean. People don't read average.
Galloway's son, walking to Kensington, refused to use AI to find a coffee shop. His reason: 'I don't want to be reliant on AI for simple things.' Galloway draws an analogy to testosterone replacement therapy — leaning on AI for creative work suppresses your brain's own creative output, just as exogenous testosterone suppresses natural production.
Your brain only rewires when there's a gap between where you are and where you want to be. Errors trigger elevated norepinephrine and epinephrine, which chemically tag the synapses that need to change. Sleep then seals the new wiring. The uncomfortable agitation you feel while learning something hard is not a problem to fix — it's the mechanism itself.
The best way to consolidate and accelerate learning isn't re-reading or visualization — it's deliberately trying to recall what you know, hitting the wall of what you don't, and going to look it up. That gap triggers the same norepinephrine response as making errors in physical practice. It's why drivers used to have to retake tests, and why physicians still do.
A baseball-playing junior who learned about compound interest now wants to quit the sport to start working and investing. George says let him decide and own it. Jade says team sports build something a job can't replace — try doing both during off-season first before making the call permanent.
May is 33, carries $69K in combined household debt, and wants to spend 11–13 years training to become a forensic pathologist at $14K/year in tuition. The prerequisite is non-negotiable: zero debt before a single class. Then, with the spouse earning $4,500/month and able to run the household debt-free, cash-flowing medical school is genuinely possible.
Kavak launched the Jedi Academy, an internal program where every employee — from CEO to mechanics — completes a 6-week training and ships a production-ready AI agent. The message to staff was blunt: train and adapt, or this may not be the right place for you.
The worst AI outcome for young people isn't cheating on homework. It's that passive, mindless consumption strips away the motivation and agency their brains need to develop. The second worst outcome is banning AI from classrooms entirely. The winning path is giving students AI-powered agency.
Prompting AI effectively is a skill that should be taught in K-12. The best prompter in history? Socrates. His method of relentlessly asking precise questions to uncover truth is exactly what powerful AI interaction looks like — and schools should explicitly teach it.
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