Death and taxes?
😎 Been hard to watch while credit union trade associations struggle to explain why our exemption from income taxation is still deserved.
✅ Here take a moment, as a credit union member, and write down your "1, 2, 3" reasons why your credit union should be tax-exempt, while commercial banks shouldn't. Will be interesting to see what you come up with!
Sometimes it helps to know what "our critics" say about the credit union tax exemption. One of the long-time, leading voices on national tax policy is the D.C.-based The Tax Foundation. They've been around for over 85 years and are not some "fly-by-night" organization, nor "in anybody's pocket". But, that doesn't make them right, either!
"The Tax Foundation is the world's leading nonpartisan tax policy 501(c)(3) nonprofit. For over 85 years, our mission has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity."
"Our vision is a world where the tax code doesn’t stand in the way of success. Every day, our team of trusted experts strives towards that vision by remaining principled, insightful, and engaged and by advancing the principles of sound tax policy: simplicity, neutrality, transparency, and stability."
One does not have to agree with The Tax Foundation on its conclusions. But it is usually wise to at least consider what they say, when formulating your arguments for preserving the credit union tax exemption.
Here's what the Tax Foundation has to say about credit unions [link]... it leads off with "Key Findings", if you don't want to wade through the whole piece.
✅ Still deserved? If so, why? If not, why?
If you don't like paying taxes, "raise your hand"!
