President Trump's Budget estimated that the tax expenditure arising from the credit union tax exemption is $35.3 billion over the next ten fiscal years.
This estimate of forgone tax revenues is up 32 percent from the estimate in last year's Budget by the Obama Administration at $26.7 billion.
According to the American Banker, the jump in the size of the tax expenditure is attracting the attention of both credit union and community banking advocates.
John McKechnie, a credit union industry lobbyist, stated to the American Banker that "this increase is noteworthy"; but also cautioned credit unions to not underreact or overreact to this information.
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