April 16, 2004

• Credit unions are tax exempt because they are true financial cooperatives. They are democratically controlled, with one member-one vote. At banks the wealthy call the shots. It’s one dollar-one vote.
• Credit unions are not-for-profit cooperatives, owned by their members. A tax hike on credit unions is a tax hike on American consumers.
• The banks have it all wrong. Congress is trying to lighten the tax load on working Americans, not increase it. Banks would rather bury consumers by piling new taxes on top of higher fees.
• Credit unions are not-for-profit entities. What’s next, taxing the United Way? The Girl Scouts?
• It’s clear the banks want to strangle the competition. Imagine how high their fees will go if they kill off credit unions!
• Taxing credit unions will turn us into banks. That’s no compromise. It’s suicide.
• Credit unions haven’t cost taxpayers a penny. Why punish them? By contrast, the S&L bailout cost over $200 billion.

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