CUNA Refutes Bank Claims, Shows CUs Generate $17.1B in Taxes

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:

  • $4.2 billion in direct federal and $2.4 billion in state and local taxes from credit unions and employees through FICA, personal income and excise taxes, among others;
  • $3 billion in federal and $1.3 billion in state and local indirect taxes generated by credit unions through purchases of third party contracting goods and supplies; and
  • $3.5 billion in federal and $2.7 billion in state and local taxes generated by credit union employee spending in local communities.

Additionally, CUNA notes that credit union members paid $1.6 billion in state and federal income taxes in the most recent federal tax year.

in Legislative & Political News