SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Credit unions serve as not-for-profit cooperatives; Banks elect Subchapter S to avoid taxes

Wednesday, Mar 19, 2014

[The following is a paid advertisement.]

Credit unions were first exempted from federal income tax in 1917 because of their unique structure as not-for-profit financial cooperatives. Contrary to what some banks may suggest, credit unions pay property, payroll, and sales taxes. Yet while banks decry the credit union tax exemption, nearly 40 percent of banks in Illinois elect Subchapter S status under the Internal Revenue Code to avoid federal income taxation. That’s $59 million in diverted tax dollars. These for-profit Sub-S banks also pay dividends and fees — not to customers, but to directors/investors/stockholders who may or may not be depositors — to the tune of nearly $1.3 billion. This is far in excess of the estimated federal income tax credit unions would pay. In contrast, credit unions return net revenue to their members. The banker argument against the credit union tax exemption is simply disingenuous. If banks really believed that credit unions operate with an unfair competitive advantage, they would restructure their institutions to credit union charters. None would, however, because doing so would expose them to becoming democratically controlled, locally-owned financial cooperatives governed by their very own volunteer members that put people before profits — all the virtues that define the credit union difference.

- Posted by Advertising Department        


No Comments

Be the first to comment.

Sorry, comments for this post are now closed.


* React to Rauner vetoes
* Reader comments closed for the weekend
* Rauner vetoes several union-backed bills
* This just in... Illinois Supreme Court accepts direct appeal of remap case
* Social service providers claim administration has "unchecked discretion" over paying off old contracts
* GOP poll: Kirk and Duckworth essentially tied, Clinton leads by 14
* Today's quotable
* The Roger Ailes connection to Illinois
* Even more editorial support for the Independent Map Amendment
* Question of the day
* Today in Illinois history
* *** LIVE COVERAGE *** Rauner education press conference
* Trump's best point of the night
* Mrs. Rauner appears to support Turnaround Agenda strategy
* Caption contest!
* Adding some context to Rauner's e-mail diatribe
* SUBSCRIBERS ONLY - Supplement to today’s edition
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Oh, this ought to be good
* Rauner apologizes for making "unfair, untrue" comments in old e-mail
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* If we had a personal cloud instead of a phone, would we be better off?
* iPhone 7 Pro specs and features, Galaxy Note 7 battery & more – Pocketnow Daily
* Evan Blass leaks Apple iPhone 7 release date
* SurveyMonkey proclaims peak Pokemon GO in US
* Instant hidden rebate for Moto G4 on Amazon
* Dots & Co. tweaks the Dots games by adding a friendly companion
* iPhone 7 Plus? iPhone 7 Pro? Here’s a video showing either or both of them

* Source: White Sox scratch Sale vs. Tigers
* White Sox rumors: Chris Sale, Jose Quintana talk dominating discuss...
* Lawrie's sore hamstring won't lead to DL stint
* Morneau's blast not enough as Sox fall
* Could Morneau help end Sox offensive woes?
* Morneau's blast not enough as Sox fall
* Rangers making effort to acquire lefty Sale

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* Governor Rauner Working with Police on Medical .....
* How Clinton can out-convention Trump..
* Rauner working with police on marijuana bill - .....
* React to Rauner vetoes..
* Teachers union president: Rauner illiteracy com.....
* React to Rauner vetoes - The Capitol Fax Blog (.....
* ACLU praises new Illinois limits on cellphone s.....
* Rauner working with police on marijuana bill - .....


* Construction at NIU stalled by state budget ready to resume
* Penguins are returning to Lincoln Park Zoo in new exhibit
* Illinois town hopes its levee can be inspected, deemed safe
* Chicago police say Uber driver a felon with handgun, drugs
* WNBA president lauds activism, wishes it was kept off court
* ACLU praises new Illinois limits on cellphone surveillance
* Boat slams into Lake Michigan break wall, killing 2 people
* Illinois governor working with police on marijuana bill
* Illinois church built in 1860s destroyed by fire
* Boy Scouts faring well a year after easing ban on gay adults

* Rauner OKs regulating police use of cell-site simulators
* Illinois Supreme Court to consider remap ballot measure
* Rauner vetoes construction-wage, homecare-worker pay increases
* Rauner apologizes, Chicago teachers protest over 2011 email questioning their competency
* Providers: Stop gap budget won't have 'meaningful' impact
* Rauner apologizes for calling Chicago teachers illiterate
* Illinois ordered to rethink medical marijuana for migraines
* Rauner once called Chicago teachers 'virtually illiterate'
* Gov. Rauner signs early childhood law
* Rauner once called Chicago public school teachers 'virtually illiterate'

* Lolla at 25: The math on the tickets, the T-shirts, the grass (not that grass)
* How Clinton can out-convention Trump
* Trump's running mate has a business success story of his own to tell
* Duking it out for dominance at O'Hare
* Why we need to reverse Chicago's tree loss, and other letters from readers


* Man shot in the foot in Park Manor
* Man shot in Pilsen
* Fueling the Bears’ fire: Meet nutrition guru Jennifer Gibson
* Man critically wounded in Roseland shooting
* Number of CPS schools with high lead levels: 99
* Man shot in Gresham
* Man shot in Back of the Yards
* Three changes to watch for at Bears training camp
* Wadsworth man charged in Lake County drug investigation
* Kaine liberal appeal muted by energy ties, abortion concerns


* New domestic violence law gives convicted murderer a shot at freedom
* Police: Munich suspect was German-Iranian obsessed with mass shootings
* Islamic State claims attack on Afghan protesters demanding electricity; 80 dead, 231 wounded
* Bears offensive lineman Nate Chandler retires at 27
* Raid on tattoo parlor owner's home yields 54 pounds marijuana, $120K
* 1 dead, 1 wounded in South Side shootings
* Chicago area under severe thunderstorm watch
* How a stockpile of America's nuclear weapons got tangled up in a Middle East crisis
* Cory Clougherty finding fun - and success - at Grundy County Speedway
* Retired firefighter, union veep killed in Lake Michigan boat crash


* Joel Erickson: Sen. Kirk must stand up for veterans' rights
* Charles Krauthammer: Notes from Cleveland: The two-part rebellion
* Rauner OKs regulating police use of cell-site simulators
* Illinois Supreme Court to consider remap ballot measure
* Rauner vetoes construction-wage, homecare-worker pay increases
* Rauner apologizes, Chicago teachers protest over 2011 email questioning their competency
* Providers: Stop gap budget won't have 'meaningful' impact
* Rauner apologizes for calling Chicago teachers illiterate
* Illinois ordered to rethink medical marijuana for migraines
* Rauner once called Chicago teachers 'virtually illiterate'


* Volunteers move pets away from fire
* Volunteers rush to safely move pets away from fire
* Marriages and divorces
* Road closure: Shelbourne closed for gas main work
* Fire destroys Bentley Motors on city's south side
* PHOTOS: Kids join in the fun of The Big Obstacle
* Tattoos in the workplace raise eyebrows
* Man shot in neck within blocks of police station
* Coffee With The Plant Experts 07-23-16
* PODCAST: Saturday Sports Talk 07-23-16


* Ill. Hwy. 83 reopens in Elk Grove Village after wires repaired
* Team USA stages comeback to advance to Sunday play at International Crown
* Despite heat, residents join Elk Grove mayor on bike ride
* Early goals give the Galaxy a 2-1 win over the Timbers.
* Fire heavily damages Wheaton garage

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Senators Durbin, Kirk Announce Reopening O......

* Letter: Kirk's integrity - Northwest Herald...

* Trumps returns to old ways: denials and finger-pointing about Cruz
* Trump returns to old ways: denials and finger-pointing about Cruz
* Illinois GOP delegates cast 54 votes for Trump, 9 for Cruz, 6 for Kasich
* IR Readers Favorites for Third Week of July 2016
* Plagiarism.
* KKK Wizard David Duke runs on the Trump Party ticket for Louisiana senator.
* Cartoon Of The Day
* Jonathan Halabi at the AFT. Day 2.
* Saw the new "Purge" movie recently
* “The Driver’s Side” – News From The Motorist’s Perspective


* Discount Admission Tickets Available For Purchase At Area Retailers - Fair to extend purchasing hours at Emmerson Building
* Governor Announces Appointments
* New Halsted Street Bridge Finished at Byrne Interchange, Multimodal Travel, Neighborhood Connectivity Enhanced - Last of Eisenhower bridges to be completed, project moves into next phase
* No Pokemon Go access on Veteran Home’s grounds
* Governor Takes Bill Action




Hosted by MCS -- CapitolFax.com Privacy Policy -- SUBSCRIBE to Capitol Fax -- Advertise Here -- Mobile Version -- Contact Rich Miller