WASHINGTON—A “core argument” opposing the credit union tax exemption made by the president emeritus and senior policy adviser at the Tax Foundation is “radically wrong,” according to America’s Credit Unions and the MD|DC Credit Union Association.
The credit union trade group’ respective presidents, Jim Nussle and John Bratsakis, made that response following an op-ed by The Tax Foundation’s Scott Hodge that appeared in an op-ed in the Hill.
Nussle’s and Bratsakis’ rejoinder was posted on LinkedIn.
After Hodge argued that since credit unions are growing and acting more like banks that they should be taxed, Nussle and Bratsakis responded, “The fact that credit unions are growing is proof that Americans are recognizing the credit union difference – not proof that credit unions have strayed from their mission. Consumers are tired of banks treating them terribly. Competition is a good thing that benefits consumers and the U.S. economy. Banks fear it and want Congress to take away their competition.”
Refuting Another Claim
Nussle and Bratsakis also sought to “refute” the claim that credit unions increasingly “serve upper-income families and have a smaller share of low-income customers than banks,” with Federal Reserve Survey of Consumer Finance Data showing mean income of a credit union member is $99,000, whereas the mean income of a bank customer is $160,000, ACU said.
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