Federal Tax Reform May Cost You More Money:
Tell Congress NO!!
Your help is needed to preserve credit unions as a financial choice for consumers.
Lawmakers in Washington are working on an overhaul of the federal tax code. Banks are urging lawmakers to remove the
tax-exempt status of credit unions like 1st Financial Federal Credit Union, despite the fact that we are not-for-profit financial cooperatives. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all
financial assets nationwide and banks hold the rest.
Credit unions don't pay the federal income tax on profits because earnings are returned back to members like you.
Preserving this exemption is crucial for you, your credit union and credit unions around the country. This page explains the
details. We hope that after learning more about this issue, you will understand why protecting the exemption is in your best
interest. Ultimately, we need you to tell Washington "Don't Tax My Credit Union."
About Don't Tax My Credit Union"
"Don't Tax My Credit Union" is a national campaign dedicated to ensuring Congress doesn't raise taxes on 96 million credit
union members nationwide and preserves financial choice for American consumers.
More information is available at www.donttaxmycreditunion.org
- Senators are proposing a blank slate approach to tax reform, i.e. review each tax credit for its impact on the economy.
Everything would be reviewed…mortgage interest deductions, child tax credit, and credit union tax exempt status among
- Banks are ignoring the fact credit unions are not-for-profit, which means the money credit unions make is returned to
members with competitive rates and fewer fees.
- Credit Unions have volunteer Boards. Hence why credit unions are governed to do what is best for the entire membership…
not just those who stand to make a profit.
- Bankers are touting the fact credit unions don't pay taxes; however, bankers are not disclosing the FACTS which include
higher capital requirements for credit unions and Member Business Lending (MBL) caps.
- If the credit union tax exempt status is repealed, it could jeopardize the credit union industry since it would increase credit union expenses.
- In 2012, 1st Financial would have paid over $140,000 in additional taxes. That is an expense that would have to be passed
on to all 1st Financial members if the exemption was not in place.
What you can do:
Contact your legislators today! www.donttaxmycreditunion.org/take-action
- Spread the word! Credit unions save the average household nearly $130/annually. Credit unions only represent 6% of the
banking business in the United States. Banks represent 93%. The fact is credit unions keep banks' fees/rates in check.
More Information About Why This Is Important To All Of Us