The working group included Ways and Means members Adrian Smith (R-Neb.), John Larson (D-Conn.), Aaron Schock (R-Ill.), and Richard Neal (D-Mass.), and about a dozen congressional staff members. The group will forward its finding to the Joint Committee on Taxation, which will compile all comments and submit a report to the full Ways and Means Committee by May 6.
Becker said he doesn't think the credit union industry would survive if it were taxed. Credit unions would have to raise loan rates, charge higher fees and compromise service to make room on the balance sheet for taxes.
"As a result, I think they will all convert to banks," he said, "which is what the bankers essentially want."
John Magill, CUNA executive vice president of governmental affairs, said the working group asked a couple of questions about the original reason behind the credit union tax exemption, and overall he felt credit unions made a strong case.
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