Credit unions are watching what impact the tax compromise agreed to by President Obama and Republican leaders will have on their payroll operations.
The deal, announced Monday, would keep the across-the-board tax cuts that are set to expire for all taxpayers on Dec. 31. In addition, it would cut payroll taxes by $120 billion. Specifically, it would reduce the payroll tax for one year, and apply to the portion paid by workers, not employers.
"The sooner that credit unions have certainty on this, the better," said NAFCU Director of Legislative Affairs Brad Thaler. "The end of the year is always busy and this is adding to the uncertainty."
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