Tuesday, February 11, 2020

CU Tax Expenditure Is Almost $22 Billion over Next 10 Fiscal Years

The Office of Management and Budget estimated that the tax expenditure arising from the credit union industry's corporate income tax exemption is $21.878 billion for fiscal years 2020 thru 2029. The information appears in the Analytical Perspectives of the President's Budget.

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4 comments:

  1. Grandmaster BFebruary 11, 2020 at 2:12 PM

    Back of the napkin math means the CU tax exemption would increase total tax revenues in 2020 by 0.1%? So completely inconsequential.

    https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

    ReplyDelete
    Replies
    1. AnonymousFebruary 14, 2020 at 3:53 AM

      That's flawed logic. It's going to take a lot of pennies to get to real dollars from a revenue perspective. Have to look under every rock. Ten 0.1% rocks gets you 1% more revenue. That's not inconsequential, it would fund a lot of social programs.

      Delete
    2. Grandmaster BFebruary 14, 2020 at 1:53 PM

      My point is there are other much bigger rocks we should be looking under to help fund social projects. This isn't the battle to fight.

      Delete
  2. AnonymousFebruary 12, 2020 at 6:26 AM

    What if credit unions paid taxes and individuals' taxes declined, even if slightly?

    ReplyDelete