TALLAHASSEE, Fla.—The majority of Americans across all political parties said they would support ending federal and state tax exemptions for large credit unions, according to a Harris Poll survey commissioned by the Florida Bankers Association.
Sixty-eight percent of those surveyed agreed that a tax exemption for these institutions was unfair, and 70% said they would support congressional action to require credit unions with more than $500 million in assets to pay income taxes, the Florida Bankers Association said the survey found.
Three-fourths of respondents also agreed that tax-exempt institutions should not be permitted to acquire local community banks.
According to the FBA, the poll also showed opportunity for more consumer education about the credit union tax exemption, with just 18% of respondents correctly stating that credit unions are tax-exempt. Thirty-seven percent believe credit unions do pay taxes and 45% were unsure, Leggett noted.
Harris Poll surveyed 2,040 U.S. adults ages 18 and older, of which 1,668 are registered voters. The survey was conducted from September 26 through September 30.