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CUs Cited as Potential Tax Revenue Booster

A report from an economic advisory panel to the Obama Administration broke into the usual late summer political doldrums last week and returned credit unions to the perennial tax debate again.

By David Morrison | Updated on September 07, 2010

A report from an economic advisory panel to the Obama Administration broke into the usual late summer political doldrums last week and returned credit unions to the perennial tax debate again.

The Presidential Economic Recovery Advisory Board made the recommendation of eliminating credit unions’ federal tax exemption as part of a much larger set of ideas of how the current federal tax structure could be simplified and improved. The panel was charged with making recommendations regarding the tax system “to achieve three broad goals: simplifying the tax system, improving taxpayer compliance with existing tax laws, and reforming the corporate tax system,” the report said. Reports from previous administrations have made the similar recommendations.

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