Wednesday, August 19, 2009

Knee Jerk Response to Budget Proposal

Pennsylvania Auditor General Jack Wagner sent a list of recommendations including taxing credit unions to Gov. Ed Rendell and the General Assembly to consider as alternatives to raising state income taxes to resolve the state’s budget impasse that has been in effect since July 1.

The Pennsylvania Credit Union Association’s (PCUA) knee jerk reaction was to write the Auditor General that removing the credit union tax exemption would seriously harm the credit union business model.

The PCUA is implicitly acknowledging that credit unions need their market distorting preferential tax treatment from the government to be competitive.
Posted by at

1 comment:

  1. AnonymousSeptember 15, 2009 at 12:55 PM

    This may be the first time that writing a letter to an auditor general has been described as a "knee jerk reaction". Next they may "freak out" and invite him to a lunch meeting.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.