You may have heard that Congress is considering an overhaul of the federal tax code, an overhaul that could hurt credit unions on a local and national level. They say the federal budget can be balanced by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide. Can you guess who holds the other 93%? You guessed it, banks.
As a member, you know that Northwest Georgia Credit Union is owned and directed by you. While credit unions are regulated by federal and state governments, they are also governed by a volunteer board of directors elected by their members. Unlike banks that maximize profits for a small group of stockholders, credit unions exist to serve their members, including working families, small businesses, and the local community. Because we return profits to our members, we are able to offer higher returns on savings, lower loan rates and low to no fees. That’s why your credit union is not-for-profit and tax exempt. A tax on credit unions is really just a tax on YOU, the member.
“Don’t Tax My Credit Union” is a national campaign dedicated to ensuring Congress doesn’t raise taxes on 96 million credit union members nationwide and preserves financial choice for American consumers. Since credit unions are member owned and not-for-profit, taxing them could eliminate the savings and benefits you receive from your credit union today. This would also eliminate financial choices for American consumers.
TAKE ACTION NOW!
YOU and the other 96 million credit union members can send a strong message to Congress: “Don’t Tax My Credit Union.”
We ask that you:
1. Educate yourself and others by clicking the resource links on this page.
2. Take Action by contacting your U.S. Representative and Senators in Congress. Visit www.DontTaxMyCreditUnion.org and tell them not to tax your credit union.
3. Stay informed by downloading the Credit Union Advocacy App from the Apple App Store or Google Play.
4. Share your story about how NWGACU has helped you. Email us, post your story on our Facebook page, or tweet us by using hashtag #DontTaxMyCU.