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As Congress debates an overhaul of the tax code, it is considering implementing new taxes that will have a dramatic impact on the middle class and effectively raise taxes on about 96 million people. This blanket-style review of the tax code would end the tax-exempt status for nonprofit credit unions, which would jeopardize tens of thousands of jobs and stifle economic growth. New taxes on credit unions will also eliminate needed competition between banks and credit unions. The result: higher fees and higher loan and mortgage rates for many in the middle class, and for small businesses.
But banks have private investors and stockholders, and are taxed on their profits. Credit unions make no profits and return their surplus back to their members through lower interest rates on loans and higher rates on deposits – so taxes are paid at the individual member level. According to an Americans for Tax Reform review of current tax policy, “the net effect for federal coffers is pretty close to a wash.”
Read more: dailycaller.com...
Whether or not these a-holes succeed at passing a law to tax credit unions, I'll continue to do business with my credit union and only my credit union... even if rates have to go up because of it.
It's my way of flipping the bird to the big banks.
They can whine jumping up and down on their soapboxes all they want. There's a reason why more and more people are taking their business to credit unions, and it's not just because of cheaper rates.