Majority of Utahns Support Taxing Large Credit Unions

A survey found that a majority of Utahns support the taxation of large credit unions, while small, traditional credit unions deserve their tax exemption.

The survey was commissioned by UtahPolicy.com. It was conducted on November 21 and November 22.

The survey of 602 registered voters found that:

• 67 percent of respondents said they strongly or somewhat agreed that these financial institutions should be taxed equally. Twenty-eight percent disagreed.
• 72 percent of poll respondents said that if retained earnings of large credit unions are not distributed to members as dividends, then those retained earnings should be taxed, similar to the way bank profits are taxed.
• 84 percent of respondents said credit union members should be allowed to vote on whether retained earnings should be distributed to members, or used for such things as expansion into new locations.
• 75 percent of respondents said that if credit unions make large commercials loans, like banks do, then retained earnings or profits from those loans should be taxed, like profits from a bank would be taxed.

The poll also found that even a strong majority of credit union members support fair taxation of retained earnings of large credit unions that are not returned to members.

Read the press release.