13 Days Left For In-District Tax Talks with Lawmakers
There are 13 days left for credit union advocates to reach out to federal lawmakers while in their home offices and garner support for the Don't Tax My Credit Union message, Credit Union National Association Senior Vice President of Political Affairs Richard Gose emphasized this week.
The current congressional District Work Break ends Sept. 9 and when Congress returns to session then, tax code reform will be one of the hot topics of discussion.
"We need to make sure the importance of maintaining the credit union tax status is at the forefront of legislators' minds as they return to Washington early next month. Any face time spent with legislators in the coming days is time well spent," Gose added. Read More
Sen. Enzi, Two Congressmen State Support Of CUs' Tax Exempt Status
A U.S. senator and two congressmen have added their support of credit unions' tax-exempt status to the growing list of congressional supporters, a further indication that credit unions' "Don't Tax My Credit Union" campaign is having an impact. They are U.S. Sen. Mike Enzi (R-Wyo.), and U.S. Reps. Steve Daines (R-Mont.) and Phil Roe (R-Tenn.).READ MOREFrom left are: Chris Kemm of Mountain West Credit Union Association; Steve Higginson of Reliant FCU, Casper; Sen. Enzi; Brian Rohrbacher, Atlantic City FCU, Lander; Bill Willingham, WyHy FCU, Cheyenne; andVicki Nelson, River-Rail Community FCU, Casper.
As you know, the deadline set by Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch for Senators to submit their ideas for parts of the tax code to retain is this Friday. CUNA continues to meet with Senators and their staff regarding this process. Last week, a letter
was sent to each member of the United States Senate encouraging the retention of the credit union tax status. Mountain West CU Association also sent letters to each Senator from our state(s) urging them to include the credit union tax exemption among the priorities listed in the letters.
Even LawmakerTweets: 'I Agree #DontTaxMyCU'
The "Don't Tax My Credit Union" message lit up Twitter yesterday--the day the Credit Union National Association declared as DontTaxMyCU Tuesday. And at least one congressman was willing to join in--tweeting his agreement with the "Don't Tax" message, and adding that credit unions are an "essential banking option" to consumers in his state.
U.S. Rep. Lloyd Doggett (D-Texas) tweeted in support of credit unions tax-exempt status from his handle@RepLloydDoggett with these words: "I support credit unions as essential banking options to all Texans. Having worked with #creditunions for 3+ decades, I agree #Don'tTaxMyCU." Read More
Banks Pressuring Congress to End Credit Union Tax Exemption
Long-time readers of this blog know how helpful credit unions have been in providing top deposit rates. Many of the best CD deals over the years have been from credit unions. Those higher CD rates have been especially important for savers and retirees in recent years as interest rates hit record lows. If bankers get their way, we may see fewer of those CD deals. READ MORE
Tax Reform Road Show HAPPENING TODAY: TAX REFORM ROAD SHOW COMMENCES.
Senate Finance Chairman Max Baucus (D-Mont.) and House Ways and Means Chairman Dave Camp (R-Mich.) are headed to the Twin Cities today for a pair of tax reform events kicking off their summer tour aimed at rallying support for a tax code overhaul. At 8:45 a.m. they’re headed to a 3M manufacturing plant, then it’s off to Baldinger Bakery in St. Paul, a fourth-generation family-run bakery. Read more
Monopolistic Too-Big-to-Fail Banks Try to Crush Credit Unions as Competition by Removing Tax Exemption
Given the steady growth of consumers turning to responsive credit unions for their banking, the oligopolistic banks that brought you the crash of the American economy – and made you lend them money to survive – are now trying to crush credit unions. Read More
Mica: Major Tax Reform 'Almost Impossible' This Year
Despite an increase in lobbying activity by credit union and bank advocacy groups on Capitol Hill over the credit union tax exemption, lobbyist Dan Mica said he doesn’t think tax reform will happen this year. Read More
Senate Committee Urges Lawmakers to Prepare For Fall Tax Reform Vote
Members of the Senate Finance Committee told fellow lawmakers in a Thursday letter to prepare for a tax reform vote this coming fall. Read More
Fox Business Features CUNA's Cheney On CU Tax-status Advocacy
Credit Union National Association President/CEO Bill Cheney told a nationwide audience in a Tuesday appearance on Fox Business Network's Markets Now that "consumers deserve a choice, that's why it's so important to preserve the [credit union tax status]." Read More
CUNA: Bank Tax Rhetoric Tired, But Threat's Real
Banks have ramped up their attacks on the credit union tax status, taking their credit union-bashing arguments to President Barack Obama and administration officials as members of the U.S. Congress are preparing to develop comprehensive tax reform legislation.
The banks urged Obama to examine the credit union tax status in letters sent last week. Read More
Don't Tax My CU Advocacy Contacts Top 80,000
Credit unions and their members continue to make their voices heard, making more than 80,000 congressional contacts to tell their legislators "Don't Tax My Credit Union!"--raising the number of contacts by 50,000 in just the last week.
The Credit Union National Association and state credit union leagues have developed a groundbreaking large-scale, nationwide grassroots-mobilization campaign to encourage the more than 96 million credit union members nationwide to present a unified message to members of congress: Don't Tax My Credit Union! Read More
Tax Reform Group Backs CU Tax Status
Americans for Tax Reform (ATR) President Grover Norquist has asked members of his group to take immediate action to urge lawmakers to "protect credit unions and all the good work they do" by opposing any punitive attempt to eliminate the credit union federal income tax exemption. Read More
CU Tax Included for Senate Consideration
The Senate Finance Committee’s Tax Reform Options Paper, which focuses on tax-exempt organizations that could be targeted for reform, included credit unions. The paper did not make specific recommendations regarding which tax exemptions should be eliminated in new legislation. However, it sourced a 2012 Tax Foundation study that did offer specifics, which included the credit union exemption. Read More
The Message Is Simple: ‘Don’t Tax My CU’
Credit union efforts must be bigger, louder, and stronger than ever to preserve the credit union tax exemption as tax reform discussions gain momentum in Congress, reports CUNA’s News Now. In a nationwide webinar Wednesday, CUNA urged credit unions to engage their 96 million members and help them join the fight to support the credit union tax status.
"We're talking about delivering one message, millions of times, starting today...and the message is simple; the message to Washington is 'don't tax my credit union,’" CUNA President/CEO Bill Cheney said. Read More
Tax Policy Developments As Congress Returns
The Credit Union National Association continued to talk tax reform with Capitol Hill staff members during last week's recess, and CUNA remains focused on the U.S. Congress's ongoing efforts at tax reform as legislators return to Washington this week.
The Senate Finance Committee is expected to continue to discuss staff-prepared tax reform options papers in private meetings. One paper of particular importance to credit unions is the Exempt Entities paper, which is expected to be discussed either this week or next, Donovan added.
Leaders on the House Ways and Means Committee are also continuing their own tax reform work, he said. Read More
Very recently, a new group calling itself the “Alliance for Competitive Taxation (ACT)” was formed as a coalition of 42 politically influential companies to advocate for bipartisan comprehensive tax reform. You can read the press release here. Credit union tax status continues to remain a top priority and it's more important than ever to protect credit unions as this reform is considered.
As a reminder, campaign tools are always available for credit unions on CUNA's Tax Advocacy Toolkit
Mica Calls For Tax Defense Action In CU Insight Column
"The current potential threat of the taxation on credit unions is the highest it has ever been in my 20 years that I have been involved in the movement," longtime member of Congress and former Credit Union National Association CEO Dan Mica wrote in a CUinsight.com piece. Read MoreCUNA Nationwide Webinar Rallies CUs For Grassroots Tax Battle
Credit union efforts will have to be bigger, louder, and stronger than ever to preserve the credit union tax exemption as tax reform discussions gain momentum in the U.S. Congress. In a nationwide webinar Wednesday, the Credit Union National Association urged credit unions to engage their 96 million members and help them join the fight to support the credit union tax status. Read More'Don't Tax My Credit Union Campaign' Fights Back
The credit union taxation argument has produced an army of angry bankers and credit unions on the defense. In March the American Bankers Association launched a full-scale advertising attack against credit unions’ tax exempt status asserting that the industry has become a revenue generating machine. Read More