WASHINGTON – In conjunction with “tax day” today, CUNA is running advertisements here targeting policymakers and reminding them that credit union members already pay numerous taxes and that there’s no need for a new tax on these middle-class Americans.
“These ads are setting the record straight that 102 million credit union members paid a total of $1.2 trillion in taxes in 2014; there’s no need for a new tax on these middle-class families,” said Jim Nussle, President and CEO of CUNA, in a statement. “There’s a big difference between banks and credit unions. Our tax status is due to our not-for-profit business model. Credit unions aren’t paying profits into the pockets of wealthy investors like the banks do; credit unions are putting earnings back into their members’ pockets and their local communities.”
The ads, appearing in Capitol Hill publications, explain the credit union difference in response to attacks from the bank lobby, according to CUNA.