CUNA continued its pushback against banker falsehoods Tuesday with a message to Congressional staffers showing the facts behind banker claims about the credit union tax status. CUNA sent a message earlier this month, and will continue outreach as appropriate.
In response to the falsehood that credit unions pay no taxes, CUNA’s graphic illustrates how credit unions’ presence in the marketplace generates $10.7 billion in federal tax revenue and an addition $6.4 million in state and local tax revenue.
Tax revenue contributions from credit unions include:
Additionally, CUNA notes that credit union members paid $1.6 billion in state and federal income taxes in the most recent federal tax year.