An urgent message about the future of your credit union.
You may have heard that politicians in Washington are considering an overhaul of the federal tax code. An idea is being discussed that could greatly harm your credit union and its members.
As a member, you know your credit union is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings and lower fees. That’s why your credit union is not-for-profit and tax exempt.
Now, Washington is talking about taxing credit unions like yours, despite the fact that credit unions are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold the rest.
Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know it, eliminating financial choice for consumers.
Moreover, taxing credit unions won’t even help our budget deficit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. So taxing credit unions is not only bad for our nation’s economy. A tax on credit unions is really just a tax on you the member.
Credit union members are urged to send a strong message to Congress: “Don’t Tax My Credit Union.”
It’s easy to take action: just visit www.DontTaxMyCreditUnion.org to contact your U.S. Representative and Senators. While there, you can also watch a video, follow our campaign on social media, and learn more about how you can help us tell Congress, “Don’t Tax My Credit Union!”