Credit union advocates in Washington say there is no mention ofthe credit union tax exemption in either of the latest budget proposals releasedby Republicans and Democrats.
|Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.), whoboth chair the budget committees in their respective chambers,presented dueling plans that attempt to reduce the deficit with acombination of increased revenue and decreased spending, includingthe elimination of some tax exemptions.
|“Both budgets propose eliminating tax loopholes, but leave it totheir tax writing committees to specify which to eliminate,” saidCUNA Senior Vice President of Communications Mark Wolff. “Neitherone has mention of credit unions' tax status.”
|John McKechnie, partner at Washington-based advocacy andcommunications firm Total Spectrum, said he's reviewed bothproposals and he agrees with CUNA's interpretation.
|President Barack Obama is meeting Wednesday with GOP leaders todiscuss future tax and spend policies. The proposed budgets wouldtake effect in the next fiscal year, which begins Oct. 1.
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