Don’t Tax My Credit Union!
Friday, May 31, 2013
[The following is a paid advertisement.]
As Congress considers comprehensive tax reform, 96 million credit union members across the country, including nearly 3 million in Illinois, urge all lawmakers to keep credit unions tax exempt. Credit unions are not-for-profit financial institutions owned by their members, not by stockholders out to make money for someone else. All of the money that a credit union generates stays with the credit union to the benefit of its members - to the tune of $6 billion each year. In fact, for every $1 of their tax exemption, credit unions return $10 to consumers through lower fees on services, lower rates on loans and higher rates on deposits. And, when there is a credit union in the marketplace, bank customers benefit too – almost $2 billion a year. Put together, this $8 billion benefit greatly outweighs the $500 million that the Joint Committee on Taxation says the tax status costs the government. It’s a great return on investment and good public policy. But if credit unions are taxed, these benefits go away. That’s not what we need in tax reform. Taxing credit unions will eliminate real financial choice. Don’t touch the credit union tax exemption! Learn more about this effort today - http://www.donttaxmycreditunion.org/!