The American Enterprise Institute, a conservative think tank, is calling for the end of the federal income tax exemption that credit unions now receive.
“In addition to the major proposals, our reform would simplify the corporate tax base by eliminating business tax expenditures that subsidize specific economic activities,” AEI states, in a book titled American Renewal: A Conservative Plan to Strengthen the Social Contract and Save the Country’s Finances published earlier this month. “This includes the exemption for credit union income, tax credits for green energy investment and production, the tax credit for marginal wells, and the capital gains exclusion of small corporation stock.”
What’s in the Book?
The volume includes recommendations for the 118th Congress in areas ranging from childcare to health to a fiscal overhaul. It begins with an introduction written by former House Speaker Rep. Paul Ryan, R-Wisc., who is the book’s co-editor along with Angela Rachidi, a senior fellow at AEI.
“The policy recommendations laid out in this book, taken together, will grow federal spending more predictably and sustainably, which will stabilize our national debt at levels we can afford, modernize the dollar, demonstrate that we can deliver a health and retirement system free from near-term insolvency, and make those systems more reliable to those who count on them,” Ryan wrote in the introduction.
continue reading »