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CU System
PCUA letter to editor addresses tax-CUs suggestion
HARRISBURG, Pa. (4/20/11)--Pennsylvania Credit Union Association (PCUA) CEO Jim McCormack turned around a quick response to a letter to the editor published Monday in a Pennsylvania newspaper. The original letter suggested taxing credit unions. "Credit unions do pay taxes--payroll taxes, real estate taxes and some other property taxes. In addition, dividends paid to credit union members are taxed as ordinary income," said McCormack's letter to the Centre Daily Times (Life is a Highway April 19). "Credit unions' unique tax status allows them to serve all consumers, including those of modest means and those who the bankers find to be unprofitable," McCormack continued. "In addition, credit unions also provide a market alternative that helps moderate bank fees and charges for all consumers by putting downward pressure on all fees and charges by virtue of their presence in the marketplace." He closed by adding, "If you are not a member of a credit union, clearly you should be," and pointed the reader to iBelong.org. In the original letter published Monday and entitled "Time to tax credit unions," Richard Wilbur of State College, Pa., advocated credit unions paying "federal and state taxes like every bank does."
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