Scott Hodge of the Tax Foundation: Be prepared for credit union tax fight in 2025
Congress will be looking for ways to pay for tax cut extensions
A critic of the credit union tax exemption predicted Thursday that Congress may take a close look at the benefit as they search for ways to pay for expiring tax cuts next year.
Parts of the 2017 “Tax Cuts and Jobs Act” expire next year and “there’s going to be a rush to look under every [sofa] cushion” to pay for an extension of the cuts, Scott Hodge, president emeritus and senior policy advisor at the Tax Foundation, said in an interview with Washington Credit Union Daily.
The Tax Foundation is a Washington, D.C. think tank that says it advocates for tax policies that lead to greater economic growth and opportunity.
Hodge is a longtime critic of the credit union tax exemption and earlier this year wrote a Tax Foundation report, “After 90 Years, It is Time to Wean Credit Unions off Taxpayer Subsidies.” The report argued that the credit union tax exemption is outdated and that credit unions no longer focus on helping people of modest means.
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