Taxes: Banks, CUs Trade Shots as Debate Heats Up
Tax reform debate as it pertains to the credit union tax exemption shifted into high gear when bank lobby groups strongly advocated last week for its elimination as Congress mulls tax reform options from various working groups.
But former congressman and retired CUNA president Dan Mica, who now runs his own lobby firm in Washington, said it’s unlikely any meaningful tax reform will occur this year.
“There could be some piecemeal tax reform, but a major bill this year is going to be almost impossible,” Mica said. “Republicans are split among themselves, and until they get their act together, I don’t think anything is going to happen.”
The Democratic party has some division, too, he said. Other influences Mica said will impact tax reform–or a lack thereof–include a recovering economy that takes the pressure off the federal government’s need for revenue, and a president who is cautious to sign any tax bill.