Thirteen public policy organizations wrote Senate Finance Committee Chairman Orrin Hatch (R -UT) defending the tax status of credit unions.
The group stated that lawmakers should "be wary of any proposal that penalizes the millions of Americans who have chosen to join credit unions."
The letter also noted the importance of credit unions to our troops.
The group wrote: "The two largest credit unions do have substantial assets, but they are essentially limited to serving the families of active-duty military and veterans and some civilian defense employees."
The group concluded that the goal of free-market tax reform is to reduce or eliminate double-taxation and the committee should discard any proposal that would double tax certain types of financial institutions and their customers.
Read the letter.
Just proves how corrupt lobbyists and congress are.
ReplyDeleteFirstly, one of the top 2 CUs is military based. The other is is serving NC state employees. Stupid.
Secondly, bank depositors are double taxed and they represent about 90% of US deposits and seem to be doing fine so how would this be a burden on cu members?
It won’t.
The tax is now 21%, the effective rate is probably around 18%.
Credit unions with assets more than $1B (or even $500M) can handle it. I know we can. And if a cu that size can’t handle it, then their management is not up to the task anyway.
We’d trade the tax for all the powers so we can grow and do real mergers.
Bring it.