Don’t Tax My Credit Union

Don’t Tax My Credit Union

If there are two types of policies that I most vehemently oppose—alongside all pro-war policies—they are attempts to regulate society in favor of corporations and attempts to extract from and/or weaken the working class. Under state capitalism, these sort of policies tend to go hand in hand, and, unsurprisingly, have continued to do so under the current U.S. administration. Now the attack comes against credit unions specifically, as banks are cu…

Credit union tax exemption at stake in new bill - Central Penn Business Journal

Congress is debating a bill that could revoke credit union tax exemptions. Credit unions warn this could end their nonprofit model and benefits. Over 142 million Americans could lose access to lower fees and better rates.   When Congress passed the Tax Cuts and Jobs Act on December 20, 2017, the legislation kept intact the credit union tax exemption.   Now, there’s developing legislation that could significantly impact credit unions, their mem…

As tax discussions reach critical point, don’t be hoodwinked by bankers

As tax policy is actively being debated in Washington, credit unions have once again become a target of the banking lobby’s attempts to pressure Congress to eliminate the credit union difference. The bankers have long pushed to tax over 142 million Americans by eliminating the credit union tax status, but have pivoted in recent weeks to calling for a tax on only those over $1 billion in assets. Credit unions have responded with a unified front,…

Tax bill keeps credit union tax exemption, but threat remains

A draft spending bill slated for consideration in the House Ways and Means Committee Tuesday maintains the credit union industry's longstanding exemption from most federal taxes, but the issue is far from settled.