Act now to preserve our credit union, and all the ways YOU benefit
Some bankers and their trade associations are asking legislators to tax credit unions. Credit unions do not pay federal (corporate) income tax. And that's because all credit unions are not-for-profit cooperatives that are owned by their members, consumers like you. As not-for-profits, credit unions return what they earn to their members in the forms of lower rates on loans, higher returns on savings and lower and/or fewer fees. But you might lose ALL of the credit union benefits unless Congress hears loud and clear from members like you that you want us protected as part of federal tax reforms.
In fact, for every $1 of their tax exemption, credit unions return well over $10 to consumers in better rates and lower fees. That's a solid investment in our communities.
Now, some (mostly banks) say credit unions should pay income taxes, even though it was banks (not credit unions) that took huge government bailouts.
The truth is, if credit unions were taxed – and remained not-for-profits – it's unlikely their members could continue to receive lower rates on loans, higher savings return, and low fees.
You might say taxing credit unions is really a tax on 96 million credit union members.
If credit union savings and service is important to you, please take a moment to ask Congress to preserve credit unions' tax status as part of tax reforms occurring now. Without that, you could lose the many benefits you enjoy.
Visit DontTaxMyCreditUnion.org to learn more about how you can make a difference.