Credit union tax exemption is a "least worst" option to increase federal government revenues, according to the Tax Foundation, a Washington-based tax think tank.
The conservative-leaning group Wednesday published a report entitled "Raising Revenue: The Least Worst Options" that named credit unions three separate times as a way lawmakers could reduce the federal deficit as they negotiate fiscal cliff solutions.
The report is replete with banking lobby talking points, charging that credit unions "compete directly with private businesses but have the advantage of not paying federal income taxes" and estimated the value of the "tax benefit to credit unions" at $2 billion to $3 billion per year.
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