A tax on credit unions is a tax on you
Congress is considering taxing credit unions, and that means taxing you. Unlike banks, credit unions are not-for-profit financial institutions that put people first. That’s why 43% of Americans (more than 140 million people) use credit unions to meet their financial management needs. From lower fees and free financial counseling to better interest rates on loans and more, credit unions are here to help you build a stronger financial future. Now is the time to speak out and oppose this harmful move.
Why credit unions matter
Credit unions began as a vital alternative for working Americans. For over a century, these not-for-profit cooperatives have provided financial services to those in need.
Congress granted them federal tax-exempt status to provide affordable financial services to underserved communities, though they still pay state and local taxes. Their profits go back to Members.
Credit unions are small but vital part of finance
Even as the credit union movement has grown, it remains a small but vital part of the financial landscape: Credit unions serve 43% of all Americans, but hold only 8.8% of assets in financial institutions, a clear indication of efforts to help people build their savings and improve their finances. The remaining 91.2% of Americans’ assets are held by banks.
Contact your elected representative
Federal lawmakers are working on tax reforms. They need to know how eliminating the credit union federal income tax status would hurt the very people they were elected to serve. A new tax on credit unions would put your financial well-being at risk. Send a message to your U.S. Representative and Senators now and tell them to oppose any effort to add a tax on credit unions.
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