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News Now

Washington
CU tax exemption gets outside support
WASHINGTON (9/14/10)--Imposing a tax on credit unions “would hurt Americans’ pocketbooks, damage the economy, undermine the social purposes for which credit unions exist, and raise little revenue,” a group of DC-based think tanks said in a letter to the Obama administration. The President's Economic and Recovery Board briefly mentioned taxing credit unions as one of many potential moves to increase government funding. The letter, which was co-signed by representatives from The Heartland Institute, Americans for Tax Reform, and the League of United Latin American Citizens, added that there is “simply no reason” to impose any new taxes on credit unions. While credit unions provide many of the same financial services that banks provide, credit unions are “democratically governed, member-owned cooperatives that serve limited fields of membership and, quite often, provide credit and banking services that would not otherwise be available,” and, thus, are “not the same as banks, ” the letter read. Credit Union National Association President/CEO Bill Cheney late last month directly opposed the notion of taxing credit unions, saying that the $7.5 billion in savings that is gained by consumers far outweighs the estimated $1.5 billion in federal revenue that is lost due to the exemption. "It may be the case that not all tax preferences have lived up to expectations, but the credit union tax exemption is one of the highest-yielding investments the federal government has made," Cheney added.


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