Thanks for the link to the report. It’s disturbing to see credit unions perpetuate their belief by focusing on who writes the check to pay the taxes.
Credit unions believe that they are the same as s-corporations because neither writes a check to the IRS based on their profits. But the issue isn’t who pays the tax, but whether taxes are paid on those profits. The less than 100 owners of s-corporations pay tax on the profits based on their share of ownership. And according to the report at an even higher effective tax rate than other taxable entities. So s-corporations’ profits generate revenue for Uncle Sam at 31.6% and credit unions profits generate 0%. That’s the issue.
It's unfortunate that this whole issue can't be communicated more accurately.
It's not a shame...it's typical Cuna..cu not accountable. This is yet another false and misleading hype by Cuna that has been proven to be a falsehood.
Thanks for the link to the report. It’s disturbing to see credit unions perpetuate their belief by focusing on who writes the check to pay the taxes.
ReplyDeleteCredit unions believe that they are the same as s-corporations because neither writes a check to the IRS based on their profits. But the issue isn’t who pays the tax, but whether taxes are paid on those profits. The less than 100 owners of s-corporations pay tax on the profits based on their share of ownership. And according to the report at an even higher effective tax rate than other taxable entities. So s-corporations’ profits generate revenue for Uncle Sam at 31.6% and credit unions profits generate 0%. That’s the issue.
It's unfortunate that this whole issue can't be communicated more accurately.
It's not a shame...it's typical Cuna..cu not accountable.
DeleteThis is yet another false and misleading hype by Cuna that has been proven to be a falsehood.