Tuesday, February 3, 2015

CU Tax Expenditure Tops $25 Billion, FY 2015 - 2024

The Office of Management and Budget in its Analytical Perspective estimated yesterday that the tax expenditure associated with credit union income being exempt from taxation is $25.39 billion over the next 10 fiscal years.
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  1. Anthony DemangoneFebruary 3, 2015 at 5:06 PM

    Assuming that the estimate above is accurate (and we have data that indicates that number is far too high), the American taxpayer shouldn't worry. The banking industry has more than made up for that in fines and penalties for their outrageous behavior during the recent recession. In fact that total is roughly $250 billion in fines. The credit union tax exemption is one of the best investments the US government has ever made for the American consumer.

    http://www.forbes.com/sites/robertlenzner/2014/08/29/too-big-to-fail-banks-have-paid-251-billion-in-fines-for-sins-committed-since-2008/

    Anthony Demangone, NAFCU

    PS: Congrats on the retirement, Keith. I hope the fish are biting!

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