DON'T Tax MY Credit Union

Take Action Against a Proposed Tax on Credit Unions!

Published Wednesday, August 7, 2013

ABOUT THE CAMPAIGN

Tax reform is happening in Washington, and one thing is certain: When it comes to tax exemptions, nothing is guaranteed. Don't Tax My Credit Union is a national campaign that calls on credit unions and their 96 million members to fight for the credit union federal tax exemption.By contacting our federal representatives and spreading the word, we're doing our part to ensure that Congress: 1) doesn't raise taxes on 96 million credit union members nationwide and 2) preserves financial choice for American consumers.

 

WHY THE TAX EXEMPTION MATTERS

Credit unions are exempt from federal income taxes because they are member-owned, democratically operated, not-for-profit cooperatives managed by primarily volunteer boards of directors with a specified mission of promoting thrift and providing members with access to credit. This rationale for the tax-exempt status has been reaffirmed by Congress several times since it was first enacted in 1937.

 

Credit union tax status = good public policy!

Credit unions use their tax status to benefit all Americans. Members benefit from lower rates on loans, lower fees on services and higher returns on deposits. On average over the last five years, Indiana credit unions delivered $100 mil/ion in direct financial benefits to their members each year!

Non-members benefit as well, because credit union competition helps keep bank savings rates higher and loan prices lower.

 

Eliminating the credit union tax status = eliminating credit unions!

Credit unions exist to serve their members, as opposed to banks, which exist to make profit for their shareholders. If credit unions are taxed, our economy will lose the only sector of the financial industry that is not driven by profit, but by a dedication to serve its members.

 

Credit unions are the best way for consumers to conduct their financial services. Taxing credit unions will take this option away from consumers, and it will drive up the cost of financial services for all.

 

 

TO LEARN MORE AND JOIN THE FIGHT:

Visit http://bit.ly/donttaxmycu if you live in Indiana or

Visit www.donttaxmycu.org to learn more!

Click HERE to Download a PDF version of the facts, and help spread the word to protect your Credit Union from this tax!

 

Committees are working behind closed doors to write the tax reform legislation so that it can be released for possible committee action as early as September or October! Please help us defend our tax-exempt status and keep our member-owned credit unions in tact. You are not only protecting your rights as a Credit Union Member, but also the foundation and basis of what Credit Unions stand for!