February 27, 2014
Dear Credit Union Advocate:
You did it.
You love your credit union and the affordable financial services it provides to you as a member and owner. And when big bank lobbyists urged Congress to tax your credit union – and 99 million other fellow credit union members – you responded.
And what a response.
More than 1.3 million messages were sent to Capitol Hill, all saying “Don’t Tax My Credit Union!”
And on this past Tuesday – our third #DontTaxTuesday – you did it again, with Tweets and Facebook posts that shared our message with more than 5 million people.
But the best news? Your passion for your credit union worked. Late yesterday, the tax-writing House Ways & Means Committee released its first draft of tax reform legislation – without a mention of taxing credit unions. In fact, Politico labeled credit unions a “winner” in its coverage of the draft.
To be sure, this is only the beginning. The big banks and their lobbyists won’t rest until they have eliminated their credit union competition – the low-cost financial option consumers like you enjoy. In fact, they continue their attacks on credit unions in Washington, even while they have turned their attention to urging new taxes on credit unions in state legislatures.
So we must not quit now. We have won this round, and the fight continues. But for today, we should take a moment to celebrate, and say thank you.
Your activism and passion for your credit union is inspiring, and led us to this meaningful win.
Your Mountain West Credit Union Association and the entire Credit Union Movement
Congress is considering possible legislation to reform the U.S. tax code. It appears lawmakers are considering a “blank piece of paper” approach—under that scenario, all exemptions would be removed from the tax code and Congress would start from scratch to write a new tax code. If Congress goes down that road, all tax exemptions, including the credit union tax status, could be gone.
If we are to preserve our tax status, we must ensure our voice is heard loud and clear on Capitol Hill, and that there is no doubt in Congress that a tax on credit unions is a tax on 96 million Americans, and therefore unthinkable.
How does this impact you?
Any tax on credit unions is really a tax on its members since credit unions are cooperatively owned by the people they serve. If credit unions were taxed, their benefits to members and communities will be lost, and a consumer-friendly option in the financial marketplace will vanish.
Now is the time to mobilize and deliver a strong message to Congress: “Don’t Tax My Credit Union.”
- Email / Mail
Visit www.DontTaxMyCreditUnion.org and click on the “Take Action” link to register to contact your Member of Congress.
Follow CO CU Advocates @COCUADVOCATES and and use the Twitter hashtags #DontTaxMyCU and #uniteforgood
Register on the Mountain West Credit Union Association site to stay informed of current state and federal issues affecting credit unions.