The glitch in the tax law comes as college executives’ pay continues to climb.
Public colleges paid their chief executives an average of about $560,000 in the 2016-17 academic year, up 5% from the year before, according to data compiled by The Chronicle of Higher Education. The highest-paid executives saw even larger jumps, with the top 20 leaders’ average salary rising to $1.25 million, a nearly 28% year-over-year increase.
Private college leaders have also seen their pay rise. They earned an average of $570,000 in 2015, a 9% year-over-year increase. In 2016, 61 private college leaders reached the $1 million mark, compared to 12 public college leaders who did so in the 2016-17 academic year.