Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
PCUA letter to editor addresses tax-CUs suggestion
HARRISBURG, Pa. (4/20/11)--Pennsylvania Credit Union Association (PCUA) CEO Jim McCormack turned around a quick response to a letter to the editor published Monday in a Pennsylvania newspaper. The original letter suggested taxing credit unions. "Credit unions do pay taxes--payroll taxes, real estate taxes and some other property taxes. In addition, dividends paid to credit union members are taxed as ordinary income," said McCormack's letter to the Centre Daily Times (Life is a Highway April 19). "Credit unions' unique tax status allows them to serve all consumers, including those of modest means and those who the bankers find to be unprofitable," McCormack continued. "In addition, credit unions also provide a market alternative that helps moderate bank fees and charges for all consumers by putting downward pressure on all fees and charges by virtue of their presence in the marketplace." He closed by adding, "If you are not a member of a credit union, clearly you should be," and pointed the reader to iBelong.org. In the original letter published Monday and entitled "Time to tax credit unions," Richard Wilbur of State College, Pa., advocated credit unions paying "federal and state taxes like every bank does."
Other Resources

RSS





print
News Now LiveWire
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
4 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
4 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
6 hours ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
6 hours ago
CCUA hosts @TheNASCUS college for #creditunion directors http://t.co/CftpSXDKWx
9 hours ago