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News Now

Washington
Powerful tax committee starts reform discussions
WASHINGTON (1/20/11)—The House Ways and Means Committee later today will discuss federal tax reform during its first hearing of 2011. The hearing, according to a committee statement, will examine the economic and administrative burdens imposed by the current structure of the federal income tax and will explore costs associated with individual and corporate income tax regimes. Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill said that this is the first of many hearings examining the current tax system, and CUNA will monitor this and other developments for any discussion of the credit union tax exemption. CUNA is a staunch advocate for the current credit union tax status, maintaining that the strong public-policy reasons that first inspired that tax status remain valid today. CUNA President/CEO Bill Cheney has said, "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." CUNA figures show that America's 92 million credit union members receive substantial benefits in the form of better pricing on services, saving them about $7.5 billion a year. The $7.5 billion savings to consumers is especially significant when measured against the $1.5 billion in lost federal revenue a year that the government says is represented by the credit union tax exemption. "Further, the tax exemption helps to ensure consumers have choices beyond commercial banks in the financial marketplace. It is appropriate to view these results as evidence of sound public policy," Cheney has remarked.


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