Ending the credit union tax exemption hurts everyone

first_imgWhen it comes to the tax status of banks versus credit unions, there’s a clear understanding of the key differences between these two competing — yet separate – industries.Credit unions exist to provide provident credit to their members, who are members for life. Yet this often gets muddled in the debate over whether credit unions should pay corporate taxes, as banks have argued for ending the tax exemption that credit unions were built upon to better serve members.Once again, a recent op-ed calling on Congress to end this critical exemption, got it wrong.As cooperatives, credit unions aim to provide the best service to their members, no matter what stage in life. Unlike banks, taxpayers do not bear the burden of credit union losses — credit unions themselves do, as they effectively are self-insured through their Share Insurance Fund. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more