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Credit Union (noun) – not-for-profit, consumer-focused cooperative
Thursday, Nov 15, 2012 - Posted by Advertising Department [The following is a paid advertisement.] Credit unions are not-for-profit financial cooperatives. They were first exempted from federal income taxes in 1917 to fulfill a special mission as valuable and affordable cooperative alternatives to for-profit banks. Even though credit unions are exempt from income tax, they still are subject to, and pay, property, payroll, and sales taxes, and a host of governmental regulatory supervision fees. Since their inception, credit unions have more than fulfilled their mission, as evidenced by Congressional codification of the credit union tax exemption in 1951 and 1998. Though the range of services has evolved to effectively serve their members in an increasingly competitive financial marketplace, the cooperative structure, which is the reason for their tax exempt status, has remained constant. Nationally, consumers benefit to the tune of $10 billion annually because credit unions are tax-exempt. In Illinois, by most recent estimates credit unions annually provide more than $198 million in direct financial benefits to almost three million members. In an era that continuously poses economic and financial challenges, credit unions remain true to one principle - people before profits - and represent a highly valued resource by consumers during these uncertain economic times.
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STOP THE SATELLITE TV TAX!
Thursday, Nov 15, 2012 - Posted by Advertising Department [The following is a paid advertisement.] The cable industry is asking lawmakers to place a NEW 5% tax on satellite TV service. HB 5440 is not about fairness, equity or parity – it’s a tax increase on the 1.3 million Illinois families and businesses who subscribe to satellite TV. They cannot afford another NEW tax – not now and not in this economy! HB 5440 Will Hurt Illinois Families and Small Businesses
• This tax will impact every bar, restaurant and hotel that subscribes to satellite TV service, which will translate into higher prices, decreased revenues, and fewer jobs. • Rural Illinois has no choice: In many parts of Illinois, cable refuses to provide TV service to rural communities. Satellite TV is their only option. HB 5440 Is Not About Parity or Fairness
• Satellite companies don’t pay franchise fees for one simple reason: We use satellites—unlike cable, we don’t need to dig up streets and sidewalks to deliver our TV service. • Making satellite subscribers pay franchise fees—or, in this case, an equivalent amount in taxes—would be like taxing the air It’s no different than making airline passengers pay a fee for laying railroad tracks. Vote NO on HB 5440
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