Let credit unions keep their tax-exempt status
The recent Another Voice article dealing with the possible revocation of the federal income tax exemption afforded to credit unions is disturbing. Why not? The do-nothing Congress is just out of touch enough with reality to sleepwalk through a bill or a rider to a bill that takes away the important and necessary tax-exempt status of America’s credit unions. Since that would negatively affect millions of members, why not take away invaluable services available to all citizens while at the same time squashing the revenues that credit unions channel back into our already fragile economy?
Credit unions are organizations offering all services provided by banks, but in my opinion have certain flexibility in their products and rates that the banks do not have. If push comes to shove and our inept hirelings in Washington are so intent on crushing another American institution, why not revoke the National Football League’s $9 billion per year tax-exempt status instead and leave our credit unions alone?
Scott H. Patterson