WASHINGTON (12/26/13)--President Barack Obama's nomination of Max Baucus to serve as the next U.S. ambassador to China adds an element of uncertainty to the future of tax reform efforts. However, Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan reminds, "tax reform isn't about one person."
The veteran senator has held his seat since 1978 and was scheduled to retire after the 2014 elections. Montana Gov. Steve Bullock (D) would likely appoint his replacement if he is confirmed by the U.S. Senate. Current Lt. Gov. John Walsh is running for Baucus's seat.
Baucus is chairman of the tax-writing Senate Finance Committee and has been central to recent tax reform efforts. Lawmakers had planned to launch into tax reform and prepare for a vote this past fall, but missed that deadline.
"The circumstances which have made tax reform necessary continue to exist, and we expect Congress to continue to try to make progress on tax reform in 2014," Donovan said. "The likelihood they will complete the process may be smaller, but the likelihood they will continue to work on the process remains the same. Even if they are not able to complete a bill the work they do could have implications on credit unions," he added.
Donovan also emphasized that a high level of advocacy on behalf of credit unions must continue. "Credit unions must make sure that lawmakers on all levels truly understand that a new tax on credit unions would be a tax on their 97 million members," Donovan said.
CUNA continues to encourage credit unions and their members to use CUNA and state credit union league resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union."