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Text of Secretary Snow's Comments on the CU Tax Exemption

Excerpt from remarks of Treasury Secretary John Snow, CUNA Govermental Affairs Conference, Washington, DC, February 23, 2004:

"You're in the business to do good; as well as to do business. That's clear from your motto: "Not for profit, not for charity, but for service." And let me say to you that I understand you are for service and not for profit, which is the fundamental reason why this talk of taxation of your industry and what you do is something we oppose. I think I said here last year that you always get less, it's a truism I think in economics, you always get less of anything you tax. Well, we don't want to get less of what you do."

America's Credit Unions: Where people are worth more than money

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