Why should credit unions remain exempt from corporate taxes?
For starters, we’re cooperatives–not corporations. The facts that convinced Congress to originally grant credit unions their tax exemption remain true today. However, if credit unions lose their tax-exempt status, they will have to pass along their tax payments in higher fees, higher loan rates, and lower savings dividends to their members, just like banks do. In the end, a tax on credit unions is a tax on you. Why it’s important to educate our communities about credit unions It is vital to educate yourself and your family and friends about the credit union difference. Your voice matters, even though bankers are using lobbying and advertising to help promote their viewpoint. If credit unions have an “unfair tax advantage,” then why don’t banks become credit unions? They don’t because they’d lose their for-profit benefits. Thank you for taking the time to read this. Please take another moment to share your thoughts on the credit union movement at you-belong.org.
