WASHINGTON -- Should he become president, Senator John McCain (R-Ariz.) would not seek to tax credit unions, his campaign staff has reassured NAFCU executives. McCain is the presumptive Republican nominee for president.
"We have assurances from McCain's top people that the senator fully supports the credit union tax exemption," said NAFCU Senior Vice President of Government Affairs Dan Berger.
A March 3 Wall Street Journal article that described in detail the senator's tax proposals left the impression that the credit union tax exemption may be in jeopardy if McCain were elected president. The Journal reported that McCain had embraced a Treasury Department report from last summer that included the credit union tax exemption on a list of tax preferences that could be eliminated to reduce the corporate income tax.
Berger said he had been in touch with McCain's staff to clear up the confusion and was assured that the senator has no intention of taxing credit unions.