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Banks push Congress to end credit unions' non-profit tax exemption

TheSeatOfMyPants (2645007) writes | about a year ago

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TheSeatOfMyPants (2645007) writes "Banks in the USA angry at losing fed-up customers to credit unions are pressuring Congress to kill the tax exemption CUs need to survive as not-for-profit entities. According to the article, "the tax exemption is crucial to credit unions, which by law can't raise capital through public stock offerings the way banks can."

Based on figures in the article, the change would cost consumers $10B in fees/savings, and the government would only see a net gain of $0.1B in tax revenue. Credit unions are fighting the one way they can: asking Americans to contact their Congress reps via Don't Tax My Credit Union."

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