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Don't Tax My Credit Union


Don't Tax My Credit Union

      "Don't Tax My Credit Union" is a national campaign dedicated to ensuring Congress doesn't raise taxes on credit union
     members nationwide and preserves financial choice for consumers. Join us today to share your story and tell Congress:
      "Don't Tax My Credit Union"

     As a member, you know that 1st Financial Federal Credit Union is owned and directed by you. Unlike banks that maximize
     profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses,
     and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower
     rates on loans, and most importantly, fewer fees. That's why your credit union is not-for-profit and tax exempt.

     The federal deficit now has lawmakers eyeing the tax-exempt status that's helped 1st Financial Federal Credit Union and
     thousands of other credit unions provide a secure place for member savings since the 1930s. The House Ways and Means
     Committee is basically starting from scratch, and all exemptions are getting a new look, including the one that's been in place
     that exempts credit unions from paying federal corporate taxes.

     Preserving this exemption is crucial for you, your credit union and credit unions around the country. This page explains the
     details. We hope that after learning more about this issue, you will understand why protecting the exemption is in your
     best interest. Ultimately, we need you to tell Washington "No" to CU taxation.

     A Tax On Credit Unions Is A Tax On YOU And Me

     Efforts to tax credit unions are less about reducing the deficit and more about eliminating an important consumer alternative
     to banks. Unlike banks that maximize profits for a small group of investors, credit unions exist solely to serve members like
     YOU. Competition from credit unions benefits all consumers by helping keep banks in check.

     The credit union benefit to taxpayers outweighs any cost benefit to changing the federal income status of credit unions. For
     every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and consumers.

     On average, credit unions give back nearly $130/year to member households. We are able to do this through lower rates on
     loans, higher rates on deposits, and fewer/lower fees. By taxing credit unions, Congress would be taxing you and me because
     rates on loans would be higher and savings would be less.

     Taxing Your Money Twice

     We support the idea of all taxpayers paying their fair share. And credit unions DO pay taxes – property taxes, personal
     property taxes and payroll taxes, just to name a few. However, the CU federal taxation issue is not fair to consumers like you.
     As a member-owner of this credit union, the credit union's money is your money and profits are returned to you - which you
     pay taxes on. If your credit union gets taxed, your money is taxed twice and that's less money in YOUR pocket.

     Reasons For The Exemption Haven't Changed

     1st Financial is a financial cooperative. We are governed by a VOLUNTEER Board of Directors; comprised of people like you and
     me. Credit Union decisions are based upon doing what is best for our 34,000 members. Unlike banks that maximize profits for a
     small group of investors, credit unions exist to serve their members. We do that by returning benefits to our members in the
     form of low or no fee products and services, and lower Annual Percentage Rates (APRs) on loans. In addition, we offer free
     financial seminars and do our best to help members make the most of their hard earned money. After all, we would not exist
     without our member – owners.

     It was because of our structure and dedication to our members that credit unions were granted the tax exemption in 1934 and
     neither of those things has changed over the past 79 years.

     Help Preserve The Exemption

     Write Your Legistators

     It's easy to have your voice be heard. Take action by simply writing your legislators and show them how your credit union lives
     the Credit Union Difference and deserves its tax exemption.

     Thank you for your help on this important issue, and as always, thank you for your membership. Saving you money. Making
     you Money. Saving you Time. That's why we exist. Without you…we don't exist. Please help preserve your credit union today
     and tell Congress NO!

You Are Leaving 1st Financial Federal Credit Union.

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