Credit unions need your help! You may have heard that politicians in Washington are considering an overhaul of the federal tax code. One idea being discussed could severely hurt the credit union movement, and specifically, Dort Federal and our members.
The truly unique thing about credit unions is that we are member owned and member operated. 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 we return benefits to our members, we are able to offer lower lending rates and 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 our not-for-profit status. 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 them, eliminating financial choice for consumers.
Moreover, taxing credit unions won’t even help 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. A tax on credit unions is really just a tax on you the member.
We urge you 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!”