Tuesday, May 26, 2015

Tom Brown Responds to Critics of "Let's Tax Credit Unions" Column

In a column, Tom Brown responds to reader pushback on taxing credit unions.

Tom Brown wrote that some readers "raised a number of objections, few of which, truth be told, I found especially convincing."

According to Brown, readers argued that credit unions should retain their exemption because of banker greed, trusting credit unions more than big banks, and credit unions pay other taxes.

But he pointed out that these arguments do not warrant exempting credit unions from paying taxes on their income.

He did find one argument that he was willing to buy -- small credit unions with well-defined common bonds would be exempt from taxation, while large credit unions with broad common bonds should pay taxes.

Read the column.
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