- November 13, 2013
- Learning Library
As Congress considers comprehensive tax reform, big banks and others in Washington think it’s a good idea to tax credit unions.
There is a reason credit unions are exempt from income taxes. All credit unions like Viriva CCU are not-for-profit and owned by their members. As not-for-profits, credit unions return what they earn to their members in the forms of lower rates on loans, higher returns on savings and lower and/or fewer fees. In fact, for every $1 in new taxes on credit unions, the government would wipe out $10 worth of better rates and lower fees for consumers. That’s a solid investment in your communities and something you personally enjoy as a credit union member.
Contact your legislators and tell them not to mess with this great value and don’t tax your credit union! Visit donttaxmycreditunion.org to learn more and to watch a short video about why you should take action.