CUNA tells policymakers “Don’t tax my credit union”
WASHINGTON, DC (April 14, 2015) — On Tax Day, the Credit Union National Association (CUNA) will run advertisements in Washington publications targeting policymakers, reminding them that credit union members pay several taxes and that there’s no need for a new tax on these middle-class Americans.
“These ads are setting the record straight that 102 million credit union members paid a total of $1.2 trillion in taxes in 2014; there’s no need for a new tax on these middle-class families,” said Jim Nussle, President and CEO of CUNA. “There’s a big difference between banks and credit unions. Our tax status is due to our not-for-profit business model. Credit unions aren’t paying profits into the pockets of wealthy investors like the banks do; credit unions are putting earnings back into their members’ pockets and their local communities.”
The ads explain the credit union difference in response to attacks from the bank lobby. Credit unions are not-for-profit financial cooperatives owned by their members. Credit unions pay taxes to support local schools, infrastructure and other services that benefit the local communities they serve and don’t pay federal income tax due to their not-for-profit business model.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America’s credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter. Visit the CUNA Press Room for a full listing of media mentions, press releases and resources to stay informed on current events within the credit union industry.