Below is a video of Ken Kies discussing how two businesses that were previously tax exempt have prospered after their tax exemption was repealed.
Ken Kies is currently Managing Director of the Federal Policy Group, LLC. Mr. Kies served as the the Chief of Staff of the Congressional Joint Committee on Taxation from January 1995 until January 1998 and from 1982 until 1987 he was the Chief Republican Tax Counsel to the Ways and Means Committee of the United States House of Representatives.
If the tax exemption goes away, then any restictions on credit union powers and authorities must also go away! Bankers want that battle for consumers. Credit unions, with equal footing on banking powers, will eat their lunch.
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If banks actually believed that's what will happen with credit unions, they'd be fighting for CUs to keep the exemption. What a load of bull.
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