Morning Consult Finds Majority of Voters Support Eliminating CU Tax Exemption to Pay for Tax Reform

A survey by Morning Consult of 1,990 registered voters conducted for the American Bankers Association found that American voters are overwhelmingly unaware that credit unions pay no federal income taxes. When told that credit unions do not pay corporate income taxes, more than half would support a tax reform plan that eliminates the credit union tax exemption to limit an increase in the deficit.

According to the national survey,

• 85 percent of American voters did not know whether credit unions pay taxes or mistakenly believed they do.
• 51 percent of voters said they would support eliminating the credit union tax exemption if it helped minimize the impact of tax reform on the deficit.
• 56 percent believe it is inappropriate for credit unions to use their tax exemption to buy multimillion-dollar naming rights to arenas and sports sponsorships.

Below is an infographic highlighting the survey results.