Saying that credit unions are a "vital source of safe and sound financial products for men and women in the military," the Military Officers Association of America has written key lawmakers urging them to keep the tax exemption for credit unions.
While conceding that the nation is "facing enormous fiscal challenges," the group urged lawmakers not to eliminate the tax exemption because doing so would mean the nation's 93 million credit union members "face a de facto tax increase."
Military Officers Association of America President/CEO Norbert Ryan sent the letter to the chairman and ranking members of the Senate Finance Committee and the House Ways and Means Committee.
Some of the proposals made by deficit-reduction panels include eliminating what are called tax expenditures, which are government spending or subsidies through the tax code.
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