We need your help to protect credit unions!
Credit unions are joining together to tell Congress not to tax credit unions.
Congress is considering possible legislation to reform the U.S. tax code. It appears lawmakers are considering a “blank piece of paper” approach—under that scenario, all exemptions would be removed from the tax code and Congress would start from scratch to write a new tax code. If Congress goes down that road, all tax exemptions, including the credit union tax status, could be gone.
If we are to preserve our tax status, we must ensure our voice is heard loud and clear on Capitol Hill, and that there is no doubt in Congress that a tax on credit unions is a tax on 96 million Americans, and therefore unthinkable.
The credit union taxation argument has produced an army of angry bankers and credit unions are on the defense. In March the American Bankers Association launched a full-scale advertising attack against credit unions’ tax exempt status.
How does this impact you?
Any tax on credit unions is really a tax on its members since credit unions are cooperatively owned by the people they serve. If credit unions were taxed, their benefits to members and communities would be lost, and a consumer-friendly option in the financial marketplace would vanish.
Credit unions are member-owned and democratically-operated cooperatives. We return any profits to our members in the form of lower fees, better rates and services. We do not serve a small group of investors, like banks, who must maximize their profits for these investors. Our board members are unpaid volunteer-members. Credit unions have a special mission to serve consumers - including those of modest means and those traditionally underserved by banks.
LEARN MORE & TAKE ACTION
Now is the time to mobilize and deliver a strong message to Congress: “Don’t Tax My Credit Union.”
Visit www.DontTaxMyCreditUnion.org and click on the “Take Action” link to register to contact your Member of Congress.
Despite banker claims, credit unions Do pay most other taxes financial institutions do. We pay sales tax, use tax, real and personal property taxes and payroll taxes. Credit union members pay taxes on their interest and dividends.