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Bank lobbyists want to raise taxes on 96 million Americans
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The K Street Liars for Hire working for the US banking industry are wining and dining members of congress to raise your taxes. They are complaining about unfair competition from credit unions who do not pay taxes. While it’s true credit unions pay no taxes, you must remember, they don’t make any profit either. All the money they make goes to lower interest rates on loans and higher interest on savings. However, individuals who are the recipients of the higher interest rates have to pay taxes on that interest, meaning the tax money is a wash.
And the advantage banks claim credit unions have is laughable. Banks have 93% of all deposits in the United States, whereas credit unions only have 6%. Credit unions do have an effect on bank’s profits. If it were not for credit unions, banks could charge a higher interest rate on loans and a smaller rate of return on savings. Taxing credit unions would bring in another 500,000,000 a year. A hefty sum but not a large one when you consider we spend nearly 4 trillion a year. And the American Consumer Institute reports that for every dollar brought in, it would cost consumers $16. Hardly an intelligent move on the part of congress.
And let us not forget, the Big Wall Street Banks are the biggest lobbyists to DC Politicians and are also the major recipients for QE.
Wah! Wah!, Crony Politicians, please help us crush out our competition and create new taxes to steal from the people. We fascists do not want to play in an open Capitalist Market System, but one dictated by our terms. You know who put you in office, now go crush our enemies.
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As Congress debates an overhaul of the tax code, it is considering implementing new taxes that will have a dramatic impact on the middle class and effectively raise taxes on about 96 million people. This blanket-style review of the tax code would end the tax-exempt status for nonprofit credit unions, which would jeopardize tens of thousands of jobs and stifle economic growth.
New taxes on credit unions will also eliminate needed competition between banks and credit unions. The result: higher fees and higher loan and mortgage rates for many in the middle class, and for small businesses.
LOL. they're freaking out because more and more credit unions are the choice for peoples money. yeah the banks are doing great, but the credit unions are out competing them.
I've been a member of the same credit union my entire adult life. I'm very happy with the services they offer, and have never had one single reason to go to a bank. Sorry banksters, you can swivel on it!
If you are a true American patriot, you should do all your business with a credit union. I can't believe people still use major banks for anything with everything they do to subvert our democracy, financial system, and nickel and dime you to death with fees.
I think this is the first time in my life I've ever agreed with something in The Daily Caller.
I also think it's interesting that many credit unions are reserved for public employees -- and yet here are the ultra-cons defending them. (And rightly so!)
I do all my banking completely with 2 different credit unions and am very satisfied. Why anyone would trust their money with these bankster scum is beyond me.
I dont think I have ever met anyone on the right or the left that didnt like credit unions. The main thing keeping me from moving my stuff is that it would be a hassle.
I've been a member of the same credit union my entire adult life. I'm very happy with the services they offer, and have never had one single reason to go to a bank. Sorry banksters, you can swivel on it!
I have been a member since I was a teen before college... have the same account in Virginia even though I am out of state. They actually answer the phone instead of getting a machine. Love my CU.
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