Supporters Taking Part in Twitter Initiative July 23 to Protect Member-Owned, Not-For-Profit Credit Unions
RICHMOND, VA (July 23, 2013) -- Members of Virginia-based credit unions made more than 12,000 contacts with Virginia's Congressional delegation during the past eight weeks in an effort to prevent new taxes from being levied on American consumers, reports the Virginia Credit Union League.
The U.S. Congress is considering tax reform that could include stripping credit unions of a longstanding exemption from federal corporate income taxes, an exemption that dates back 80 years.
As member-owned, not-for-profit financial cooperatives, any new tax on credit unions is nothing more than a tax on every individual who belongs to a credit union.
"Credit unions have a proud tradition of serving Virginia's families, saving members here in the commonwealth an estimated $689 million last year alone," says Virginia Credit Union League President Rick Pillow. "Taxing credit unions is nothing more than a tax on consumers, who will pay a steeper price for loans and financial services, taking money out of the pockets of Virginia's families. We're asking credit union members all across the state to take a stand and tell Congress that they depend on the low-cost services provided by their credit unions."
Credit unions organized a national "Don't Tax My Credit Union" campaign in late May to give Virginians the opportunity to voice their opposition to new taxes on member-owned credit unions and credit union members. More than 406,000 contacts have been made nationally, according to the Credit Union National Association.
Any member of a Virginia-based credit union can ensure Congress hears from them in opposing new taxes on credit unions. Visit this website for details on how you can easily contact Sens. Mark Warner and Tim Kaine, as well as your Congressman: http://www.donttaxmycreditunion.org.
"Let Congress know your not-for-profit credit union is all about providing great financial services to you and your fellow members," says Pillow. "That’s its sole purpose, distinguishing a credit union from other financial institutions, particularly a bank. A bank’s first priority is to maximize shareholders’ profits. You might lose the benefits you enjoy at your credit union unless Congress hears loud and clear from members like you that want credit unions protected as part of federal tax reforms."
Learn more about this campaign at http://www.donttaxmycreditunion.org and join credit union members nationwide on Tuesday, July 23 as we launch a Twitter campaign in support of the Don't Tax My Credit Union initiative. Learn more about the Twitter initiative here: http://bit.ly/NoTaxTues.
About the Virginia Credit Union League
Learn more about Virginia's 177 credit unions by visiting the website of the Virginia Credit Union League, the state trade association that promotes and protects Virginia's credit union system, while offering products and services that help credit unions best serve their members: http://www.vacul.org.
To find a credit union near you, please visit http://www.QuitTheHit.com for a searchable database of credit unions and their membership options.