Sen. Tom Coburn (R-Okla.) recommended eliminating the "unexplainable" credit union tax exemption in a new report on the tax code released on Tuesday.
"Congress should eliminate the tax-exempt status of credit unions as part of comprehensive tax reform, a process by which members of credit unions and non-members alike will undoubtedly benefit from the bounty of enhanced economic growth," Coburn, a member of the Senate Banking Committee, wrote in the report titled, "Tax Decoder."
Coburn called credit unions' tax-exempt status a skewed policy that benefits a select few at the expense of the many, costing taxpayers an estimated $2.1 billion in FY2014 and $11.9 billion from FY2014-2018.
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