Dueling Capitol Hill Budgets Mum on CU Tax Status
Credit union advocates in Washington say there is no mention of the credit union tax exemption in either of the latest budget proposals released by Republicans and Democrats.
Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.), who both chair the budget committees in their respective chambers, presented dueling plans that attempt to reduce the deficit with a combination of increased revenue and decreased spending, including the elimination of some tax exemptions.
“Both budgets propose eliminating tax loopholes, but leave it to their tax writing committees to specify which to eliminate,” said CUNA Senior Vice President of Communications Mark Wolff. “Neither one has mention of credit unions’ tax status.”
John McKechnie, partner at Washington-based advocacy and communications firm Total Spectrum, said he’s reviewed both proposals and he agrees with CUNA’s interpretation.
President Barack Obama is meeting Wednesday with GOP leaders to discuss future tax and spend policies. The proposed budgets would take effect in the next fiscal year, which begins Oct. 1.