Breaking News: Credit Unions are a “Tax Reform Option” According to Senate Finance Committee
June 13, 2013
June 13, 2013
A wake up call for credit unions rang out Thursday as the Senate Finance Committee listed the corporate tax exemption as a “tax reform option” to raise revenue for government.
The options paper is the latest in a series of studies examining tax reform. Thursday’s report, “Tax-Exempt Organizations and Charitable Giving” is avaliable on the Committee’s website.
Congress is examining all tax exemptions with a “blank sheet of paper” approach, meaning all could be up for grabs unless the organizations can prove the benefit of their exemption outweighs the benefits of tax revenue.
Credit unions returned approximately $6 billion to members nationally last year in the form of lower fees and better interest rates because of their cooperative, not-for-profit structure. Even bank customers benefitted to the tune of about $2 billion because credit union competition forced at least some bank rates down. Those tangible benefits are being shared with Congress by credit union advocates.
The Credit Union National Association (CUNA) has launched a consumer website, Don’t Tax my Credit Union, which provides a direct email connection to Congressional representatives, as well as phone numbers to their Washington, D.C. offices. Those are turnkey resources for Main Street consumers to weigh in.
“We need everyone to engage,” said Jennifer Wagner, vice president of legislative affairs for the Northwest Credit Union Association. “We need credit union staff, directors and members to make their voices heard in Congress, saying, ‘Don’t tax my credit union.’”
Questions? Contact Lynn Heider: 503.350.2225, firstname.lastname@example.org.