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ABA Applauds CU Tax-Exemption Mention in Letter to Treasury

The American Bankers Association lauded Treasury Secretary Henry Paulson on the department's efforts to decrease corporate tax rates for competitiveness in the global market, in part on the backs of credit unions.

By Sarah Snell Cooke | Updated on July 30, 2007

WASHINGTON — The American Bankers Association lauded Treasury Secretary Henry Paulson on the department’s efforts to decrease corporate tax rates for competitiveness in the global market, in part on the backs of credit unions.

“Identifying wasteful uses of tax preferences is an excellent way to make the tax system more equitable,” ABA President/CEO Ed Yingling wrote in a letter to Secretary Paulson. “One such wasteful tax preference–which is noted in you report in Table 2.1–is the tax exemption for credit unions.”

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