MnCUN Issues GREAT Alert on Federal Tax Status

Earlier today, the Minnesota Credit Union Network (MnCUN) sent out an alert to GREAT members urging them to contact their members of Congress to protect the credit union tax status.

As not-for-profit financial cooperatives, credit unions do not pay federal corporate income tax on profits. Instead, we return those earnings directly to our members. This structure helps keep our focus on people, not profits. 

However, some Wall Street bank lobbyists and certain lawmakers in Congress are pushing to impose taxes on credit unions. If this tax is approved, it would mean higher costs for you and the more than 140 million other Americans who choose credit unions as their financial partner. 

"This is a critical issue, and before over 100 Minnesota credit union advocates head to Washington D.C. for America’s Credit Unions’ Governmental Affairs Conference next week, we need your help to ensure that elected officials in Washington know that taxing credit unions should not be an option," said MnCUN Chief Advocacy Officer Ryan Smith. 

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