WASHINGTON--Treasury Secretary Scott Bessent Monday highlighted the Administration’s goal to limit harm to Main Street as Congress drafts tax legislation.
Speaking at the Milken Institute Global Conference Monday, Bessent explained the President’s “signature tax legislation will prevent an enormous tax hike on Main Street,” America's Credit Unions reported.
The credit union industry has strongly voiced that any change to the credit union tax status would be a new tax on Main Street small businesses and more than 140 million consumers who depend on credit unions for their financial services, America's Credit Unions noted.
The “Don’t Tax My Credit Union” campaign is focused on raising awareness with lawmakers about the positive impact credit unions make on their constituents’ daily lives, and how that impact would be severely lessened with any alteration to the credit union tax status, ACU reminded.
"Policymakers need to know that credit unions not only protect Main Street, they help grow Main Street economies. They help farmers, teachers, front-line workers, troops, veterans and other communities thrive in every single Congressional district across our country," ACU said.
“Throw whatever you will at our capital markets—the Great Depression, two World Wars, 9/11, a global recession, the COVID pandemic, or the last few years of sky-high inflation,” added Bessent in his remarks. “Each time the American economy gets knocked down, it gets back up again. And it gets back up even stronger than it was before.”