Thursday, June 20, 2013

Tell Washington "NO!" to Taxes on Credit Unions

I am a proud member of a credit union in the state of NM and have been for 25 years. In my last monthly statement, the regular newsletter had an article that caught my attention and I wanted to share it in hopes that it will spread. This is important information that members of credit unions need to know. Here's how the article reads:


This is an urgent message about the future of your credit union. You may have heard that politicians in Washington are considering an overhaul of the federal tax code. I want to alert you to an idea being discussed that could greatly harm New Mexico's credit unions and our members.
As a member, you know that your credit union is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses, and the local community. Because credit unions return benefits to their members, credit unions are able to offer higher returns on savings, lower rates on loans, and most importantly, lower fees. That's why your credit union is not-for-profit and tax exempt.
Now banks and some politicians in Washington are talking about taxing credit unions, despite the fact that we are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold the rest.
Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know it, eliminating financial choice for consumers.
Moreover, taxing credit unions won't even scratch our budget deficit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers. So, taxing credit unions is not only bad for our nation's economy, taxing credit unions is really just a tax on you the member.
PLEASE send a strong message to Congress: "Don't Tax My Credit Union"
It's easy to take action: just visit www.DontTaxMyCreditUnion.org to contact your U.S. Representative and Senators. While there, you can also watch a video, follow our campaign on social media, and learn more about how you can help us tell Congress, "Don't Tax My Credit Union!" 

I hope that you all will help to spread this around and hopefully keep Congress from imposing yet another unnecessary tax. I encourage you to visit www.DontTaxMyCreditUnion.org and make a difference!!

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