It&#x27;s not an assumption, it&#x27;s just fact. Normally you pay taxes on this stuff, but if you can register as an exempt non-profit as Harvard has, then you don&#x27;t. That has the same effect as subsidizing Harvard by the amount they would pay in taxes.<p>For the rest of your post, you seem to assume I&#x27;m holding some position or making some argument about the merits of the situation, which I&#x27;m not. I&#x27;m just trying to find out what the supposed difference is between a tax exemption and a subsidy. I am in no way attempting to tie such things to Harvard&#x27;s status being good or bad, or indeed make any sort of political argument at all.