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To Get Tax Reform Right Treat Credit Unions Like Banks "Credit News 24"

Diana Furchtgott-Roth, former chief economist of the U.S. Department of Labor, a senior fellow at the Manhattan Institute and an adjunct professor at George Washington University, wrote in U.S. News and World Report that tax reform should include ending the credit union industry's outdated tax exemption.

Furchtgott-Roth wrote that the credit union tax exemption does not make sense, since one principle of taxation is that similar businesses should be taxed the same.

Furchtgott-Roth noted that credit unions with $1 billion or more in assets are 4 percent of the credit union industry; but account for almost 75 percent of the tax benefit.

The opinion piece also stated the recent trend of tax-exempt credit unions buying taxpaying banks. Furchtgott-Roth pointed out: "This is no different from corporate inversions, except that no company has moved to Ireland."

Furchtgott-Roth concluded "[a]s Congress proceeds with tax reform, members should consider uprooting this outdated exemption and no longer picking winners and losers.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."

Read the opinion piece.
Title : To Get Tax Reform Right Treat Credit Unions Like Banks "Credit News 24"
link : To Get Tax Reform Right Treat Credit Unions Like Banks "Credit News 24"