Recently, an issue has come up on Capitol Hill that could affect the financial services members depend on Heartland to provide. It’s important to stay informed about potential threats to credit unions and their ability to provide the best possible financial services.
As not-for-profit financial cooperatives, credit unions like Heartland Credit Union do not pay the federal corporate income tax on profits. Our people-first, member-owned structure means we instead return those earnings to members in a variety of ways, including more affordable loans and better returns on savings.
But there are Wall Street bank lobbyists and politicians in Congress who want to tax credit unions, which really means a new tax on our members and the more than 140 million other Americans who choose a credit union as their financial partner.
While credit unions may not pay federal income tax, they do contribute to the tax base in a big way. In 2023, credit unions paid over $12 billion in payroll, property, excise, and other taxes.
By putting a new tax on not-for-profit credit unions, the big Wall Street banks know they can eliminate competition and increase bank profits. But it doesn’t make sense to tax credit union members just because they choose to use the services of a credit union instead of a bank.
This is an urgent matter, and we need everyone’s help. Please act today to contact your U.S. Representative and Senators and tell them Don’t Tax My Credit Union through our easy-to-use Action Center.
Help us protect our credit union, and the millions of families across the country who rely on their credit unions, too. Your voice is important. Nothing is more powerful to elected officials than when they hear from constituents like you.
