You may have heard rumblings about the credit union tax exemption being up for debate yet again. It's a debate we've seen before and a cause we've defended before. Unfortunately, the so-called controversy never really left us. Time and again, banks have tried to use the argument that credit unions are unfairly benefiting from their exemption from federal corporate income tax.
What the repeated attacks from the bankers always fail to mention is that nearly one-third of all banks are Subchapter S corporations which pay no corporate income tax.
Despite the repetitiveness of the debate—and the déjà vu feeling of each new attack from bankers—we have to stay strong in our commitment to defending the credit union tax exemption.
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