The latest news and updates proving credit unions continue to game the system.
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Credit unions were granted federal income tax exemption for a reason, but over the years they have continuously abused the system with no oversight.
American taxpayers will have to pick up the credit unions’ tab to the tune of more than $20 billion over the next 10 years.
Large Credit Unions vs. American Taxpayers
News & Insights
Credit Union Tax Map
Find out how much the average person in your state pays in federal income taxes vs. what large tax-exempt credit unions pay.
What People Are Saying
“People are waking up to realize that the credit union industry today isn’t the mom and pop industry they portray themselves to be. The modern credit union industry behaves like any other Washington special interest group — asking for taxpayer benefits at the expense of everyone else.”
– David Williams, Taxpayers Protection Alliance
“There are almost 300 credit unions in America with more than $1 billion in assets each. There is no reason these monster financial institutions should enjoy the same tax-free status as soup kitchens, Goodwill and disaster relief charities.”
–Yael Ossowsk, Deputy Director, Consumer Choice Center
“The fact that credit unions can spend millions on CEO salaries, sponsoring arenas and making risky loans for extravagant purchases sends a very clear message: the tax treatment of credit unions should be on the table in revenue neutral tax reform.”
– Drew Johnson, Taxpayers Protection Alliance
“As credit unions were originally given tax-exempt status so that they would service lower-income individuals, because banks were not doing so. The situation has now changed, and the tax law should change with it. As Congress proceeds with tax reform, members should consider uprooting this outdated exemption and no longer picking winners and losers. Taxpayers should not have to subsidize a credit union’s name on a stadium, or people’s purchases of aircraft and boats.”
– Diana Furchtgott-Roth, Manhattan Institute
“There is no reason why these humongous credit unions, with their millionaire CEOs and billions of dollars in holdings, should be treated the same as a small soup kitchen, after-school program or animal rescue organization in the eyes of the IRS.”
– Lynne Breyer, Arizona Freedom Alliance