Don’t Tax My Credit Union
As a member-owned financial cooperative, a credit union exists to serve and provide benefit to its members. Credit Union earnings are returned to members through lower rates on loans, higher rates on deposit accounts and fewer and lower fees. Iowa credit unions pay property tax, sales tax, all employment related tax and a monies and credits tax. Credit unions do not pay a federal income tax as profits are returned to member owners. Therefore a tax on credit unions…is a tax on you!
This “people before profit” structure is different than is found in other financial institutions. As Congress evaluates tax reform options, we are asking for your help to ensure the credit union structure remains strong now and for generations to come. It is important that we activate and mobilize our movement against banks’ efforts to remove the industry’s federal income tax status. We’ve been in and won this fight before. We must make it clear the credit union tax status is vital for Americans’ financial well-being, with a significant negative impact if credit unions can’t invest in their more than 140 million members and communities.
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