WASHINGTON—As consumer and civil rights groups voice strong opposition to H.R. 1—arguing it will burden lower-income Americans with higher taxes and reduced healthcare benefits—America’s Credit Unions stated it is closely monitoring the bill's potential impact on credit union members.
“The dynamics of the tax bill are quite complex, and I understand there's going to be an analysis across the board from a number of legislative and government agencies, as well as independent organizations, providing feedback about the impact of this bill,” said ACU President and CEO Jim Nussle. “Obviously the bill is not done yet. But yes, we are always concerned about that and we would not want (lower-income Americans) to be taxed even more by taxing credit unions—which is really a tax on individuals. Members are owners of the credit union and they're the ones who will pay the tax if credit unions are taxed.”
Hispanic civil rights and advocacy group, UnidosUS, is criticizing H.R. 1.
“The Big, Beautiful Bill’ passed by the U.S. House of Representatives…is in fact an ugly, cruel and senseless piece of legislation that does absolutely nothing to help our economy or the millions of working families — including Latino families — who make up the vast majority of our country,” stated Unidos US President and CEO Janet Murguía. “In stark contrast to what the president promised, this bill will make life much harder for most Americans — slashing funding for health care, food and education through some of the largest cuts in U.S. history, while even raising taxes on many low-income families.
“It rewards the top 10% of earners with gains, while the bottom 10% are left worse off paying more and losing critical support,” continued Murguía. “All this so that the wealthiest of Americans get their tax breaks and the administration can turbocharge their chaotic, malicious and law-breaking deportation machine. This is the epitome of bad policymaking, and we will call on U.S. senators from both sides of the aisle to have the courage to stop it.”