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Don't TAX My Credit Union

Thursday, August 8, 2013 - 8:00 PM
I apologize if this has already been mentioned.  Got an E-mail this week from Town and Country Credit Union:

 
 
AUGUST 2013
 


Dear Town & Country Member:

I am writing with an urgent message about the future of our credit union. You may have heard that politicians in Washington are considering an overhaul of the federal tax code. I want to alert you to an idea being discussed that could greatly harm Town & Country Federal Credit Union and our members.

As a member, you know that Town & Country is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including people of all ages and economic background, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower rate on loans, and most importantly, low or no fees. That's why your credit union is not-for-profit and tax exempt.

Now banks and some politicians in Washington are talking about taxing credit unions like Town & Country, despite the fact that we are not-for-profit. 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.

Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know them, eliminating financial choice for consumers.

Moreover, taxing credit unions won't even scratch our budget deficit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. So taxing credit unions is not only bad for our nation's economy, a tax on credit unions is really just a tax on you, the member.

That's why I am writing to urge you to send a strong message to Congress: "Don't Tax My Credit Union."

It's easy to take action: just visit www.DontTaxMyCreditUnion.org to contact Senators Collins and King and Representatives Pingree and Michaud. While there, you can also watch a video, follow our campaign on social media, and learn more about how you can help us tell Congress, "Don't Tax My Credit Union!"

If you have any questions, feel free to contact me or Linda Halleran, Town & Country's Marketing Manager at 207-773-5656.

Sincerely,



 

David Libby
President & CEO

4
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
1. Friday, August 9, 2013 - 9:16 AM
Mr. Libby:  Thank you for providing us an easy way to get the message across to our senators and reps in Washington about the credit union problem.  The only criticism I have is that the site only allows us to put in name of one credit union.  I guess that will suffice for us to achieve some help with this problem.  I do hope you are successful in this endeavor.

I would like to add a thought here.  The Federal Reserve has really messed things up with savers being able to get any decent interest rates by giving the banks money at practically zero interest rate.  The banks have made it clear they don't need deposits from us since they can get the money from the FED.  No one at the FED seems to be monitoring the banks to make sure they use the money for loans so we don't get decent interest rates from banks if they aren't making enough loans. 

The CREDIT UNIONS are the one fallback savers have to get a bit more interest without taking risks.  If the government taxes them and they have less money, they, too, will not be able to give us even the rates we can get now.  Some credit unions have already lowered their rates and I think it is in anticipation of what may be coming.  I urge any reader of this Forum to please take part in trying to stop them from what they want to do to the credit unions.   The page is all set up for you and your letters can be sent to your senators with just a couple of minutes of your time.  Please help us protect what may be our last chance to get even 2% rates on our CDs!   Thank you for your cooperation.
2
paoli2paoli21,405 posts since
Aug 10, 2011
Rep Points: 6,149
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