Stang to Senate: Make Credit Union Tax Exemption a Priority

Credit union advocates are knee-deep in a coordinated campaign to make sure Congress gets a message: preserve the credit union tax exemption.

Their crusade is timely; the Senate Finance Committee leadership has asked colleagues to weigh in on tax reform legislation, which tax exemptions should be preserved and which ones might provide revenue to fix the $16.7 trillion national debt.

Northwest credit unions have generated nearly 13,000 contacts to Congress, asking that cooperative credit unions maintain the tax exemption that allows them to return earnings to members in the form of better benefits than profit-driven financial institutions are able to provide.

While encouraging those contacts to continue, Northwest Credit Union Association (NWCUA) President/CEO Troy Stang isn’t sitting on the sidelines. In addition to a schedule packed with phone calls and personal meetings with Northwest congressional members, he added his own on-the-record, written testimonial.

Of particular interest are personal letters to the Northwest Senators who serve on the Finance Committee—Sen. Maria Cantwell and Sen. Ron Wyden.

“I write to . . . ask for your support of the retention of the credit union tax exemption in the current tax reform process being led by the Senate Finance Committee,” Stang wrote. “Specifically, I ask that you include the credit union tax exemption in your list of priorities to the committee leadership.”

“As our country recovers from the worst economic crisis since the Great Depression, we are all still paying for the sins of the bad actors in the banking industry, and as taxpayers, will continue to pay for the $700 billion in bailouts that our banking counterparts required to sustain themselves and serve their customers and stockholders,” the letter continued.

Direct email access is available for all Northwest Senators and Congressional representatives via the Don’t Tax My Credit Union website established by the Credit Union National Association (CUNA).

 

Questions? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in Advocacy News.