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Tax Writers Launch Website for Input on Tax Reform, Opportunity to Comment on CU Taxation

Posted on 5/28/2013

House Ways and Means Chairman Dave Camp (R-MI) and Senate Finance Committee Chairman Max Baucus (D-MT) have teamed up to launch a new website, TaxReform.gov, to obtain input from the American public on tax reform. Visitors to the website can learn about tax reform and submit ideas on how to improve the tax code. The site has been built around three sections: Why reform the Tax Code? What's already underway? Share your story and ideas.

To view the website visit: https://taxreform.gov/

This new website gives bankers an excellent forum to share information with tax writers that credit union taxation should be included as part of any tax reform legislation. To assist you in your communications, ABA has developed a Credit Union Taxation webpage about why the policy rationale for the credit union tax exemption is no longer valid. The credit union tax exemption was originally provided to credit unions as a way to subsidize financial services for individuals with low and moderate income. However, the evidence indicates that this tax exemption is poorly targeted, as it is not going to people of modest means. Moreover, abolishing the credit union tax expenditure would help reduce the rate of growth in U.S. debt and eliminate distortions in the financial services industry.

To view the ABA site visit: http://www.aba.com/Issues/Pages/Tax-Credit-Unions.aspx



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