Mon, Jun 17, 2013
Washington, District Of Columbia
Unlike banks that maximize profits for a small group of investors, credit unions exist solely to serve their members and the communities they serve. Because they return benefits to our members, credit unions are able to offer more consumer-friendly rates and, most importantly, low or no fees. Because of this not-for-profit business model, credit unions are exempt from corporate income taxes. Now, the banks and some of their allies in Congress want to ignore that crucial fact and remove the credit union tax exemption, even though credit unions have always been and will continue to be not-for-profit financial cooperatives.
Because credit unions are not-for-profit and rely upon being exempt from corporate income taxes in order to provide our members with consumer-friendly financial services, imposing a new and onerous tax on credit unions would, ultimately, harm consumers and could even destroy credit unions as we know them, eliminating financial choice for consumers. For every $1 in new taxes on credit unions, $10 in benefits to credit union members and consumers would be wiped out. Therefore, a tax on credit unions is really just a tax on average consumers.
Taxing credit unions will harm our local communities. That is why credit unions are joining forces and urging their members and consumers to send a strong message to Congress: “Don’t Tax My Credit Union.”
It’s easy to take action: just visit www.DontTaxMyCreditUnion.org to send a message to Congress. While there, consumers can also watch a video, follow credit unions’ campaign on social media, and learn more about how consumers can help credit unions tell Congress, “Don’t Tax My Credit Union!”