Credit Union Tax Takes to Social Media

3 years 4 months 1 week ago September 10, 2013 Sep 10, 2013 Tuesday, September 10 2013 Tuesday, September 10, 2013 5:59:00 PM CDT in News
By: Patrick Rawlings, KOMU 8 Reporter
Embed Code Copied

COLUMBIA - People took to social media Tuesday to voice their concerns against taxing credit unions.

Federal legislators and some big banks are pushing for a tax reform that would change the tax status of many entities including credit unions.

"We're a credit union, and we're definitely one of them that is really pushing to help keep this bill from being passed," said Amy Montcalm,‎ branch manager at United Credit Union.

Organizers asked people to tweet their representative or senator with the hashtag #DontTaxMyCU, or post a similar message on their lawmaker's Facebook page.

"It's actually helped spread the word quite a bit," Montcalm said. "It's giving us the opportunity to really get it out to millions of people."

Credit unions claim having to pay taxes would negatively affect their services.

"It's going to drastically affect our members," Montcalm said. "Our rates aren't going to stay the same."

The American Bankers Association supports the idea of taxing credit unions. It claims credit unions are now a $1 trillion industry, competing for the same business and offering the same products as community banks.

 "Credit unions are in town with one sole purpose: Lobbying Congress to maintain their huge government subsidy provided to them at taxpayer expense," ABA said on its website.

Montcalm does not agree.

"That's very untrue," she said. "Not everybody is the same."

ABA's "It's Time to Pay" advocacy campaign is urging Congress to repeal credit unions' outdated tax exemption as it considers tax reform.

ABA is running print and radio ads in Washington, D.C., this week in conjunction with the National Association of Federal Credit Union's advocacy meeting. It urges credit unions that have "grown beyond recognition" and lost their focus on low- and moderate-income customers "to pay income taxes like the rest of us."

 

 

More News

Grid
List
The Missouri Highway Patrol said they were requested by the Columbia Police Department to conduct a death investigation in the... More >>
10 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 4:16:00 PM CST in Top Stories
COLUMBIA - A Columbia man started a petition against a magic show featuring rare, white tigers at the University of... More >>
10 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 3:49:00 PM CST in News
COLUMBIA – Washington D.C. isn’t the only city subject to cyber attacks. Mid-Missouri's power lines are at risk- but not... More >>
11 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 3:26:00 PM CST in News
JEFFERSON CITY - Members of Decoding Dyslexia Missouri met at the State Capitol on Wednesday for the second annual Decoding... More >>
11 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 3:20:00 PM CST in News
JEFFERSON CITY - Breaking political tradition, Gov. Eric Greitens did not present a proposed budget for the upcoming fiscal year... More >>
11 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 3:10:00 PM CST in News
COLUMBIA- Officers responded to a robbery Wednesday morning at First State Community Bank on Golden Bear Drive. An initial... More >>
13 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 1:33:00 PM CST in News
ST. LOUIS (AP) — There's new life for a plan to have St. Louis taxpayers help fund a new downtown... More >>
13 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 1:20:06 PM CST in News
ST. LOUIS (AP) — A man whose conviction in a Missouri sports editor's death was overturned after spending nearly a... More >>
13 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 1:03:08 PM CST in News
KANSAS CITY (AP) — A Kansas City man will serve three years in federal prison without parole for pointing a... More >>
15 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 11:21:09 AM CST in News
LAS VEGAS (AP) — Police say a teenager and his mother are under arrest in the death of a Missouri... More >>
15 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 10:49:00 AM CST in News
JEFFERSON CITY - Jefferson City Public Schools Superintendent Larry Linthacum will wrap up presentations for a possible solution to overcrowding... More >>
16 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 10:47:00 AM CST in News
ST. LOUIS (AP) — St. Louis police are investigating the shooting death of a 15-year-old girl. Two masked... More >>
16 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 10:07:00 AM CST in News
ROLLA (AP) — Authorities in south-central Missouri are investigating after a woman's body was found in a ditch along a... More >>
16 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 9:57:00 AM CST in News
INDEPENDENCE (AP) — Authorities are investigating a homicide in the Kansas City suburb of Independence. KMBC-TV reports that... More >>
16 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 9:54:00 AM CST in News
VANDALIA-The city of Vandalia is declaring a boil advisory until Thursday at 3 a.m. The city’s water pressure dropped... More >>
17 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 9:43:00 AM CST in News
LIBERTY (AP) — The former campus president of a Kansas City trade school says he was fired for letting a... More >>
17 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 9:31:00 AM CST in News
JEFFERSON CITY - Moody's Corporation has agreed to a settlement following a conduct investigation by the U.S. Dept. of Justice,... More >>
17 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 9:11:00 AM CST in News
COLUMBIA – The advisory board for Columbia Water and Light is set to meet Wednesday morning to discuss its goals... More >>
19 hours ago January 18, 2017 Jan 18, 2017 Wednesday, January 18 2017 Wednesday, January 18, 2017 7:24:00 AM CST in News
Columbia, MO
Broken Clouds 43°
3am 38°
4am 38°
5am 39°
6am 39°

Select a station to view its upcoming schedule:

Coming Up Next

2:07a
Today
3:00a
Mad Money
4:00a
Early Today
2:30a
Paid Program
3:00a
Paid Program
3:30a
Paid Program

Tonight's Schedule

7:00p
The Good Place
8:00p
Chicago Med
9:00p
The Blacklist
7:00p
DC's Legends of Tomorrow
8:00p
Supernatural
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld