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Tax Foundation: Taxing CUs Should Be Revenue-Raising Option

Posted on 12/7/2012

Eliminating credit unions' tax-exempt status is one of the options lawmakers should look at if they decide to make new revenues part of the effort to solve the current budget crisis, the Washington, DC-based Tax Foundation said in an analysis that ranked such options on a scale of least harmful to most harmful. "Options in the middle of the pack include taxing currently untaxed businesses like credit unions," the nonpartisan tax research group said. The Foundation pointed out that credit unions are among a number of non-taxed businesses or industries that compete directly with private businesses, yet have the advantage of not paying federal income taxes. "These businesses should be taxed as any for-profit enterprise," the Foundation said. "The tax benefit to credit unions has been estimated at $2 billion to $3 billion per year."

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