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News About Taxing Credit Unions

paoli2   |     |   2,449 posts since 2011

Today I received an email from my Congressman in reply to my email to him concerning taxing credit unions. He said they have discussed this and at this time have no intention of taxing credit unions.  He is against this and assured me he will follow up on this topic and any changes made in the future.

Well, let's hope he is not just giving me political gobbly-gook and he is correct about what he states.  "I" will be following this topic for "just in case" and I know the people who have the Petition are going to be staying on top of their reps about this.  His email, at least, made it clear to me that this is a topic being discussed seriously in Congress but at this point does not have enough votes to pass and he is definitely against voting for it.  Like I have said before, if we don't try, we will never know if we can change what is going on in Washington. 

paoli2   |     |   2,449 posts since 2011
Posters:  For anyone interested in what was written in the email, I am sharing the following:


As you are aware, various lobbying groups, organizations, and elected officials have discussed revising the tax treatment of credit unions. However, all efforts thus far have been defeated, and credit unions continue to maintain tax exemption status. 


Most recently, in May 2013, Chairman of the Senate Finance Committee Max Baucus reiterated his support for maintaining tax exempt status. His committee has jurisdiction over federal tax policy, therefore, any legislation to repeal the tax exemption is unlikely to advance in Committee and to the Senate Floor for consideration. That being said, however, you may be assured I will continue to closely monitor any legislation to revise, modify, or eliminate a credit union's tax exemption status."

BTW:  They received over 800,000 messages from concerned citizens asking them not to tax credit unions so far.  The campaign is still active so your voice can still be heard via their Petition, Facebook, Twitter etc.  Thanks to anyone who helps.