Some people say that taxing credit unions would help bring down the deficit. However, the benefits of credit unions greatly outweigh the cost of taxing them. Through lower fees on services, lower rates on loans and higher deposits, credit unions benefit their members to the tune of $6 billion each year. And, when there is a credit union in the market place, 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 Congress taxes credit unions, these benefits go away, and my credit union may go away too. That’s not what we need in tax reform.
Posted on: Tue, 11 Jun 2013 15:35:06 +0000
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