WASHINGTON — NAFCU President/CEO Fred Becker decided that writing the Treasury Secretary and the IRS Commissioner was not enough and has taken his arguments in favor of the tax-exemption all the way to the White House.
In a letter dated today to President George W. Bush, Becker outlined the gist of the Treasury Conference of Business Taxation and Global Competitiveness. He added, "While NAFCU supports making the American economy more competitive on a global scale, repealing the credit unions' tax exemption would be equivalent to a tax increase on the 89 million Americans here at home who are credit union members."
He reminded the president of his campaign promises to support the tax-exempt status of credit unions and a Treasury official reaffirmed this position as recently as last September at NAFCU's Congressional Caucus.
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"The inclusion of the credit union tax exemption in the Department of Treasury's background report runs counter to the Administration's expressed policy stance for the last 7 years of your administration," Becker stated. "Accordingly, NAFCU respectfully requests that you clarify the record and continue to support the 89 million American members of our Nation's credit unions."
As previously reported, Treasury has said the report is just that and no decisions have been made.
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