Religious organizations are allowed to manage billion dollar tax exempt funds with management fees of 100% and nearly constituonal cover for false and misleading statements. Meanwhile, university endowments would be taxed at the same rate as for profit companies if the reconciliation bill passes.

Due to the significance of tax drag for short term capital gains, we might see a world where most high frequency or quant trading is done by the Mormon Church (today posessing assets about double what Bridgewater has under management).