The credit union tax status is the key to a better financial life for 140 million Americas—and many more in the future—America’s Credit Unions Chief Advocacy Officer Carrie Hunt told Congressional Caucus Tuesday, and credit unions must be relentless in its defense.
“For us, the strongest defense is a good offense, and there is a lot that we do at America’s Credit Unions to make sure we have a strong campaign to protect the tax exemption. First we have to counteract any misinformation. If we don’t act, other voices become truth,” Hunt said.
Thursday’s Senate Finance Committee hearing on tax avoidance is an upcoming hearing on the topic, a preview of next year, where the tax debate will be a major part of the agenda next year with the Tax Cuts and Jobs Act set to expire.
“We go on the record in any hearings and discussions relative to taxation. And we make sure our strong legislative team engaged with members of Congress ahead of those hearings in conjunction with our League partners to make sure we are putting the best offense forward,” she said
The hearing will feature a witness from the Tax Foundation. America’s Credit Unions responded to an attack from the Tax Foundation last week, saying that these inaccurate attacks harm consumers and help big banks.
Hunt said the tax status is unlikely to be removed in one fell swoop, rather credit union opponents will continue to push for policies that would weaken credit unions’ ability to serve members.
“Credit unions delivered an estimated total of $35 billion in financial benefits in the year ending March 2024 for American consumers. Starting with the facts is just the beginning of what we need to do. Because more than 140 million benefit from the credit union tax exemption through better rates, financial counseling, and loan products that fit their needs,” she said. “The tax exemption is what allows credit unions to be credit unions and ultimately support a healthy economy.”
