Credit Union Tax Takes to Social Media

2 years 10 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

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ABA's "It's Time to Pay" advocacy campaign is urging Congress to repeal credit unions' outdated tax exemption as it considers tax reform.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
ST. LOUIS (AP) — A man is critically injured after driving a go-kart into the side of a St. Louis... More >>
46 minutes ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 12:03:28 PM CDT in News
CHESTERFIELD (AP) — Police are searching for the suspect after an attempted child abduction at a suburban St. Louis outlet... More >>
3 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 9:07:52 AM CDT in News
COLUMBIA - Fire crews put out a structure fire at a condemned house on 4th Avenue off Providence Road in... More >>
4 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 8:50:00 AM CDT in News
AVA, Mo. (AP) — Police say a teenager has wounded another teen and then killed himself before dawn in a... More >>
5 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 7:45:09 AM CDT in Continuous News
ST. LOUIS (AP) — Strong thunderstorms across parts of Missouri are offering relief from the oppressive heat and humidity, but... More >>
5 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 7:27:24 AM CDT in Continuous News
PHILADELPHIA - Columbia resident Persephone Dakopolos arrived Sunday in Philadelphia for the Democratic National Convention. Dakopolos was selected at the... More >>
9 hours ago July 25, 2016 Jul 25, 2016 Monday, July 25 2016 Monday, July 25, 2016 3:04:00 AM CDT in News
COLUMBIA - The National Association of Realtors reported this week a 9-year high for sales of existing homes this past... More >>
20 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 4:06:00 PM CDT in News
WILDWOOD (AP) — Two people were killed in a two-vehicle collision in eastern Missouri. St. Louis County police say... More >>
20 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:52:10 PM CDT in News
DIAMOND (AP) — Southwest Missouri has a newly dedicated prairie. The 163-acre George Washington Carver Prairie was dedicated Saturday.... More >>
21 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:01:01 PM CDT in News
COLUMBIA - Tim Kaine has always been a leader. While as a student at the University of Missouri, he... More >>
23 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 1:37:00 PM CDT in News
HARRISONVILLE (AP) — A western Missouri man has been found not guilty in a 2014 fatal shooting at a Cass... More >>
23 hours ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 1:25:37 PM CDT in News
ST. LOUIS (AP) — A member of the Clay family has represented St. Louis and northern suburbs in Congress for... More >>
1 day ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 10:38:26 AM CDT in News
JEFFERSON CITY (AP) — Republican candidates in Missouri's gubernatorial primary are pledging an aggressive law-and-order approach, two years after the... More >>
1 day ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 10:03:16 AM CDT in News
COLUMBIA — Road closings this summer in downtown Columbia could make it harder to enjoy local shops and restaurants in... More >>
1 day ago July 24, 2016 Jul 24, 2016 Sunday, July 24 2016 Sunday, July 24, 2016 3:43:00 AM CDT in News
LAKE OF THE OZARKS — One person was injured after a boat caught on fire at the 38-mile marker by... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 10:10:00 PM CDT in News
KANSAS CITY (AP) — The Repertory Theatre of St. Louis has received a $1 million gift, the largest in its... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 5:07:03 PM CDT in News
KANSAS CITY (AP) — A 51-year-old man is accused of pulling over a vehicle and acting as if he were... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 4:46:46 PM CDT in News
COOPER COUNTY — A man has been charged in relation to a hostage standoff east of Boonville Friday morning. ... More >>
1 day ago July 23, 2016 Jul 23, 2016 Saturday, July 23 2016 Saturday, July 23, 2016 4:15:00 PM CDT in News
Columbia, MO
Broken Clouds 79°
1pm 81°
2pm 85°
3pm 86°
4pm 86°

Select a station to view its upcoming schedule:

Coming Up Next

12:30p
Access Hollywood
1:00p
Days of Our Lives
2:00p
The Meredith Vieira Show
12:00p
Jerry Springer
1:00p
Maury
2:00p
Rules of Engagement

Tonight's Schedule

7:00p
American Ninja Warrior
9:00p
NBC News Special: 2016 Democratic National Convention
7:00p
MADtv 20th Anniversary Reunion
8:00p
Penn & Teller: Fool Us
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld