WASHINGTON — Even as Democrats took the stage at NAFCU's 2007 Congressional Caucus and promised not to tax credit unions, Republicans got up and warned participants of the tax increases that could reach credit unions.
"I come from credit union country. Where I come from, people work for a living," House Ways & Means Committee Member Phil English (R-Pa.) said.
Noting the improving economy yet greater income disparities, he said, "I've been a supporter of the credit union movement and I believe the credit union movement has a particular salience today." With savings at an all-time low, he explained how he and others are working to establish automatic individual retirement accounts and similar savings vehicles for children when they are born.
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English added that, generally speaking, he is interested in removing the taxation of savings. However, in the current, Democrat-controlled Congress, he warned, "We need to be prepared to stand tough against any repeal of the tax-exemption of credit unions."
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