Don't Tax My Credit Union
You may have heard that politicians in Washington are considering an overhaul of the federal tax code that could potentially lead to the elimination of the credit union federal tax exemption. The changes being discussed could greatly harm Town & Country Federal Credit Union and our members.
As a member, you know that Town & Country is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including people of all ages and economic background, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower rate on loans, and lower fees. That’s why your credit union is not-for-profit and tax exempt.
Now banks and some politicians in Washington are talking about taxing credit unions, including Town & Country, despite the fact that we are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold 93%.
Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know them, eliminating financial choice for consumers.
We urge you to send a strong message to Maine’s Congressional delegation – Don’t Tax My Credit Union. To voice your concerns, visit www.donttaxmycreditunion.org