Credit Union Tax Takes to Social Media

2 years 8 months 2 weeks 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

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ABA's "It's Time to Pay" advocacy campaign is urging Congress to repeal credit unions' outdated tax exemption as it considers tax reform.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
COLUMBIA - A pursuit that ended with a wrong way crash on Providence Road on Wednesday morning led to charges... More >>
50 minutes ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 4:13:00 PM CDT in Target 8
JEFFERSON CITY — A prominent GOP political donor is again supporting Lt. Gov. Peter Kinder as he runs for Missouri... More >>
1 hour ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:50:00 PM CDT in News
JEFFERSON CITY- Missouri Attorney General Chris Koster warned consumers on Friday about Internal Revenue Service (IRS) scam calls. The... More >>
1 hour ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:35:00 PM CDT in News
Boone County residents can now find out more than ever about who's detained in their county's system, and in real... More >>
1 hour ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:16:00 PM CDT in News
OSAGE COUNTY – Ron Dishman has officially taken over as the Sheriff of Osage County after Michael Dixon stepped down... More >>
1 hour ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:11:00 PM CDT in News
COLUMBIA - Missouri public schools are expected to have higher summer school attendance rates this year, yet some officials worry... More >>
2 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 2:36:00 PM CDT in News
SPRINGFIELD – United States Attorney Tammy Dickinson announced that James Laughlin, the owner of the 4-J apartment complexes in Pulaski... More >>
4 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 12:44:00 PM CDT in News
CAMDENTON – Chelsea Rae Ellis, a 28-year-old, was arrested after the Camden County Sheriff’s Department reported discovering drugs in her... More >>
5 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:53:00 AM CDT in News
MEXICO – Attorney Jacob Shellabarger announced Gary D. Johnson Senior, of Mexico, MO, was sentenced thirty years for child sex... More >>
5 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:35:00 AM CDT in News
COLUMBIA - The University of Missouri announced Friday MU Law School Dean Gary Myers will resign effective Aug. 14. In... More >>
5 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:31:00 AM CDT in News
ST. LOUIS (AP) — Health insurance companies would no longer be able to raise rates for Affordable Care Act consumers... More >>
6 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:00:00 AM CDT in News
OSAGE COUNTY – The Osage County Clerk confirms Sheriff Michael Dixon resigned due to being accused of being drunk with... More >>
6 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 10:11:00 AM CDT in Continuous News
KANSAS CITY (AP) — Kansas City Fire Chief Paul Berardi says the fire department has implemented several of the recommendations... More >>
7 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 9:22:00 AM CDT in News
COLUMBIA – Columbia resident Elias Lucas is in the Boone County Jail Friday after his arrest Thursday at approximately 9... More >>
8 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 8:31:00 AM CDT in News
JENNINGS (AP) — The embattled mayor of the St. Louis suburb of Jennings has been removed from office. ... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 7:50:00 AM CDT in News
COLUMBIA - School is out in Columbia, and a newly renovated park is ready for children and families to enjoy.... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 7:49:00 AM CDT in Top Stories
HOUSE SPRINGS (AP) — A 3-year-old boy has drowned after getting into his family's backyard pool in eastern Missouri.Th e... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 7:46:00 AM CDT in News
OSAGE BEACH - Memorial Day brings family and barbecues, but it also brings traffic on both land and water. ... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 7:45:00 AM CDT in Top Stories
Columbia, MO
Broken Clouds 78°
5pm 80°
6pm 78°
7pm 76°
8pm 72°

Select a station to view its upcoming schedule:

Coming Up Next

4:00p
Dr. Phil
5:00p
KOMU 8 News @ 5
5:30p
NBC Nightly News with Lester Holt
4:30p
The Cleveland Show
5:00p
American Dad!
5:30p
American Dad!

Tonight's Schedule

7:00p
Caught on Camera with Nick Cannon
8:00p
Dateline NBC
7:00p
Masters of Illusion
7:30p
Masters of Illusion
8:00p
Penn & Teller: Fool Us
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld