WASHINGTON-Congressional interest in savings legislation during the 109th Congress may have deeper implications in the long-term, according to some CUNA staffers. “Irrespective of who’s in charge, there will be an increased emphasis on savings legislation,” CUNA Legislative Counsel for Tax, Pensions, and Housing Leon Peace stated. That includes both common savings as well as tax `incentivized’ savings. He continued, “Both parties have focused on the need to increase the savings rates among low- and moderate-income taxpayers and for that reason, we believe, pensions, retirement savings, et cetera should be in the forefront irrespective of how the election comes out.” CUNA Vice President and Senior Legislative Counsel Gary Kohn added, “The interesting thing about that is that could be a short term goal. For a long-term goal, both parties are talking about taking a look at an overhaul of the tax code, whether it’s looking at a.national sales tax or a flat tax. That’s something that would take a major commitment on the part of either president and a lot of salesmanship and would be a multi-year project. That will be interesting to keep an eye on that as well.” Credit unions will have to stay alert during any reworking of the tax code, Kohn commented. Regarding whether credit unions should be concerned about a tax overhaul, he said, “It would depend on what format it took. Certainly, that’s why I say it would be a very important issue and one that we would have to definitely be involved in and there are all kinds of variations on that theme and we’ll just have to take a look and see what discussions lead to.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.