WASHINGTON (2/6/14)--President Barack Obama's nominee to serve as the next U.S. ambassador to China, Sen. Max Baucus (D-Mont.), is expected to be confirmed today by the U.S. Senate.
Baucus is chairman of the tax-writing Senate Finance Committee. He has held his Senate seat since 1978 and was scheduled to retire after the 2014 mid-term elections.
"Chairman Baucus has been central to recent tax reform efforts, but, as I have noted before, tax reform isn't about one person," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan reminds credit unions. "The circumstances that have made tax reform necessary continue to exist, and we expect Congress to continue to try to make progress on tax reform."
Donovan added that Baucus' departure from the national tax debate will have no diminishing effect on bank attacks on the credit union tax status. "To the contrary, the banks will be winding up to pitch even harder to new players."
"Credit unions must make sure that lawmakers on all levels truly understand that a new tax on credit unions would be a tax on their 97 million members," Donovan said. CUNA continues to encourage credit unions and their members to use CUNA and state credit union league resources, social media sites including Facebook, and micro-video site Vine, to tell their legislators, "Don't Tax My Credit Union."
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