Thursday, June 27, 2013

Fight the proposed tax on credit unions

A message from my credit union. The regressives would rather tax them out of existence than tax the giant banks who have all the money? Typical. I've edited it to make it more generic. To support this go to

I am writing with an important message about the future of your Credit Union, and to request your help. You may have heard politicians in Washington are considering an overhaul of the federal tax code. The discussion includes an idea which could have significant negative impact on credit unions and its members.

As a Member, you understand the credit union is owned by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve our Members, including working families, small businesses, and our local communities. Because we are not-for-profit—and therefore, tax-exempt—we are able to return benefits to our Members through higher returns on savings, lower rates on loans, and lower and fewer fees. Our focus is people, not profit, and our mission is to serve your best interests.

Now banks and some politicians in Washington are talking about taxing credit unions, despite the fact that we are not-for-profit. Some claim the budget can be balanced by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and for-profit banks hold the rest.

Moreover, taxing credit unions won’t scratch the surface of our nation’s 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 a tax on you, our Member.

Because credit unions are not-for-profit, taxing credit unions could destroy credit unions as we know them, eliminating financial choice for consumers. That’s why I urge you to send a strong message to Congress: “Don’t Tax My Credit Union.”

It’s easy to take action and contact your U.S. Representative and Senators today by visiting When prompted, enter your credit union, and select "Taxes/Taxation" as the category. While visiting, you can 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!” Please act today so we can continue to provide you the exceptional service and value you deserve.

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