This bill aims to substantially increase the excise tax imposed on the net investment income of certain private colleges and universities. It specifically amends Section 4968(a) of the Internal Revenue Code of 1986, elevating the tax rate from the current 1.4 percent to 21 percent . The proposed change would apply to taxable years beginning after the date of the Act's enactment. All revenue collected from this increased tax is designated for deposit into the general fund of the Treasury, with the explicit purpose of first reducing the national deficit and subsequently the national debt .