Wednesday, June 19, 2013

Taxing Us Could = Taxing YOU

You may have heard that Congress is considering an overhaul of the federal tax code. That would possibly include the elimination of the tax exempt status for credit unions .

What would that mean to you?
  • That action could possibly eliminate credit unions as they now exist. And a tax on credit unions is really just additional taxes on you .
  • Without credit unions, banks would have no competition. And that would most likely drive up the cost of financial services for all consumers.

St. Cloud Federal Credit Union is owned and directed by you, through our volunteer board of directors. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including working families, local small businesses and your community. Since 1937, federal credit unions have been chartered by the federal government as non-for-profit financial cooperatives. Not-for-profit means the members are the owners, and no one is making a personal profit.

Bankers and some politicians in Washington say the federal budget can be balanced by taxing credit unions. But credit unions hold only 6 percent of all financial assets nationwide. Banks hold 94%!

Taxing credit unions won’t make a dent in our federal budget deficit. For every $1 in new taxes on credit unions, the government would take away $10 that credit unions put back in your pockets in the form of better rates and lower fees.

If the tax exemption is ended, it will result in higher taxes for 1.5 million consumers in Minnesota  who are credit union members, as well as 96 million consumers across the country.

Join us, and TAKE ACTION and tell Congress: “Don’t Tax My Credit Union!”  Please visit to learn more, and to send a message to your legislators.

If you have any questions, please contact me at 320-252-2634.

Bill Winter
St. Cloud Federal Credit Union

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