The country's fiscal woes may force credit unions to meet the tax man more often.
As the nation's budget deficit continues to grow, the government may be looking for new sources of revenue. Therefore, formerly sacred cows such as credit unions' tax-exempt status may go the way of VCRs and rotary phones.
A bipartisan commission established by President Obama to make recommendations on ways to cut the deficit is scheduled to issue its report after the election. The commission is considering an array of spending reductions and tax increases. In Washington parlance, tax increases are often euphemistically described as revenue enhancements.
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