CUNA Mutual Group said Tuesday it has donated $20 million to help communities near its Madison, Wis., headquarters and three regional offices, and gave credit for the “unprecedented boost in funding” to the tax breaks signed into law by President Trump.
The mutual insurance company joins a long line of banks and other companies that have made public announcements to attribute salary increases, bonuses or charitable giving to the Republican measure. Credit unions haven't been able to join this parade. Credit unions don't directly benefit from the tax law because they are exempt from federal income taxes, a break banks have long tried to eliminate.
But CUNA Mutual Group, which is controlled by its credit union policyholders, made a point to tie its gift to the cut in corporate income taxes, which it does pay.
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