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Banks Pushing For Repeal Of Credit Unions' Federal Tax Exemption

Banks Pushing For Repeal Of Credit Unions' Federal Tax Exemption

Bankers say the tax break is an unfair advantage for large credit unions. Now they see an opportunity to get rid of it as lawmakers begin work on a major overhaul of the tax code.

By Jim Puzzanghera
July 6, 2013

WASHINGTON — Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street's role in the financial crisis.

Now banks are fighting back by trying to take away something vital to credit unions — their federal tax exemption.

Read more: http://www.latimes.com/business/la-fi-credit-union-taxes-201...

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Credit unions are supposed to

Credit unions are supposed to be non-profit organizations hence why they get to be tax exempt. The banks just want no competition. And most people realize this thankfully.

To climb the mountain, you must believe you can.

Your Second Sentence Answers The Question...Why?

Like old man John D. Rockefeller Sr., the elite hate competition..

They want it all..

TwelveOhOne's picture

Take possession of your resources

Then it won't matter what the bankers do to any other institutions. After all, possession is 9/10 of the law.

I love you. I'm sorry. Please forgive me. Thank you.
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What resources?

Fiat money decides the value of your resources. Everything you are not able to defend is LOANED to you.

The only way to change this is to get rid of the banksters.