Congress takes aim at Credit Unions

[lib3rtarian]

As much as I hate the big banks, I love the credit unions. But now it looks like our Congress, lobbied by the big banks, have targeted credit unions for taxation, despite them being not-for-profit organizations. This new taxation will destroy the credit unions and leave us again at the mercy of the banksters. If you support credit unions and you agree that they shouldn't be taxed, please spread the message and take action by calling your Senators and Representatives.

http://www.donttaxmycreditunion.org/
https://www.facebook.com/CUNAadvocacy (http://www.donttaxmycreditunion.org/)

[donnay]

My Credit Union has "Federal" in front of the name. There is no bank security per se. There is something to said about the old timers putting their money in their mattresses--because they lived through the depression. I had a depression era uncle and aunt that kept their life saving in a bucket of water under their stairwell in the basement.

[sluggo]

Thanks for posting this. I had no idea this was happening, and I know a lot of people who bank with a credit union.

Will pass this on to them.

[heavenlyboy34]

WTF?! :mad: HANDS OFF MY CREDIT UNION, GOVERNMENT!!! :mad: U CANNOT HAZ MY CREDIT UNION!!!!

[ClydeCoulter]

Pick between the teeth of the poor. :(

[TaftFan]

This reminds of the old 1800's scheme to tax state bank notes.

[angelatc]

The banks have been lobbying for this since at least the '80's. It sucks that these people just keep coming back again and again until they get what they want, but that's how it works.

[lib3rtarian]

This is the primary advocacy group for fighting back against the proposed taxation of credit unions by the cabal of banksters and big government. Please Like & Share!

https://www.facebook.com/CUNAadvocacy

[Keith and stuff]

There is something to said about the old timers putting their money in their mattresses--because they lived through the depression. I had a depression era uncle and aunt that kept their life saving in a bucket of water under their stairwell in the basement.

You can try that in rural New Hampshire or somewhere else with a very low crime rate but it doesn't make any sense on much of the US because robberies are all too common. Plus it goes down in value. Might want to convert much of it to lead, gold, silver... And bury it deep in the ground at night in much of the country.

[Matt Collins]

My Credit Union has "Federal" in front of the name. There is no bank security per se. There is something to said about the old timers putting their money in their mattresses--because they lived through the depression. I had a depression era uncle and aunt that kept their life saving in a bucket of water under their stairwell in the basement.

That's a good way to lose your savings... via inflation!

[Matthew5]

Got a bill # or name?

[nobody's_hero]

That's a good way to lose your savings... via inflation!

So is saving it in a bank, for that matter. Unless you think that 0.000000000000000000000000000000000000000000000000 1% annual interest is gonna keep up with inflation.

Sadly, the best thing to do with your money is spend it ASAP. I don't think it has to be pointed out to anyone here that our banking system STRONGLY discourages saving.

[lib3rtarian]

Got a bill # or name?

What the banksters and politicians are trying to do is the elimination of the credit union federal tax exemption. Credit Unions would have to start paying federal income taxes (they already pay every other tax, such as property and payroll taxes). This will cause for their net income would decrease significantly, which would impact their operating expenses, forcing them to reduce employee benefits, and/or lay them off.

Credit Union members will also be directly affected. Unlike banks that maximize profits for a small group of investors, credit unions serve their members. They do this by offering higher returns on savings and lower fees, which resulted in them giving back millions to customers every year. If the credit union federal tax exemption is eliminated, they will not be able to deliver these benefits to their members. They would be forced to reduce benefits in the form of lower dividends on savings products, higher loan rates, higher fees and limit services.

In effect, credit unions as we know it will be wiped out, and we will back at the mercy of J.P. Morgan, Citibank and the rest of them criminals.

[TonySutton]

Good way to save money, pick an amount that works for you, say $500. Everytime you save $500 put it in a freezer bag and put the freezer bag in a jug. Fill the jug up with water and then place it in the bottom of your deep freezer. If you need money pull out the required number of jugs and let them thaw. Thawing time will give you the opportunity to decide if you really need to make the purchase ;)

[Peace&Freedom]

The banks couldn't gobble up or buy credit unions due to their non-profit status, so they've been trying to destroy them via taxation. Just as with e-currencies and online processors, the number of people with holdings in credit unions is miniscule, compared to the holdings in the banks. Credit unions are in no way competitive with banks in terms of market share, so why are they trying to stomp them out?

Thieves! The only financial institution I have money in now is a credit union. Leave us alone! At this point, we'll have to put funds in a digital mattress (Bitcoin) to keep the banksters' hands off our dough.

[Matt Collins]

Sadly, the best thing to do with your money is spend it ASAP. I don't think it has to be pointed out to anyone here that our banking system STRONGLY discourages saving.No, but you should invest it (and buying commodities isn't an investment, it's speculation, but yes your portfolio should have some PMs in it)

[heavenlyboy34]

No, but you should invest it (and buying commodities isn't an investment, it's speculation, but yes your portfolio should have some PMs in it)
Actually, it's converting worthless paper into real money...unless the goal is to earn dividends. In that case, it's a type of speculating.

[Anti Federalist]

Every day that goes by a little more freedom is stolen from me.

And everybody else.

And a brain dead and drug addled populace could not possibly care less.

[heavenlyboy34]

Every day that goes by a little more freedom is stolen from me.

And everybody else.

And a brain dead and drug addled populace could not possibly care less.
Truth. :( Land of the Unfree, Home of the Slave.

[lib3rtarian]

I hope you are spreading the word about this on social media. All my relatives and friends who are members at credit unions, no one have any idea this is happening behind the scenes. If people aren't aware, they can't protest!

Please share on Facebook and Twitter. Also call your senator and Rep.

[Matt Collins]

Just emailed out:


http://atr.convio.net/images/content/pagebuilder/atr_header.gif

(http://atr.convio.net/site/R?i=-uLmSXqX_lJMOjzGAOOmLg) Dear Patriot,


Liberals in Congress are once again working to make it nearly impossible for hardworking Americans to achieve financial independence. Big government politicians are seeking to raise taxes on non-profit, tax-exempt Credit Unions by removing their tax-exempt status. This decision would have dramatic consequences for the 96 million Americans that use their financial services.


Credit unions were established to help local communities, and taking away their tax-exempt status will hinder their ability to help community members receive financial services. Credit unions are often the only source of financing for disadvantaged communities. They provide low cost credit alternatives to communities that are in dire need, but have no other means for obtaining loans.


Take Action Now to Urge Your Congressman to Protect Credit Unions and all the good work they do.

(http://atr.convio.net/site/R?i=XpyL9nlVy2Q3W73g2vOM_Q)

Loans from credit unions are available to those who do not have the credit needed to borrow from a bank, which enable many Americans to start up small businesses within their communities. These small businesses are, in turn, responsible for millions of American jobs. Credit unions also make loans available for people in disadvantaged communities to go school, purchase a car or help finance a home.


Credit unions are superior to banks in many local communities because they are essentially owned by the customers, not a board of elites. It is because of financially achievable loans issued by credit unions that 96 million Americans are able to work towards the American Dream each day.


Click here to send your representative a message now!

(http://atr.convio.net/site/R?i=rf04BtKOi3FMNLCHEp9aeQ)

Onward,
Grover Norquist
President, Americans for Tax Refor

[HigherVision]

Every day that goes by a little more freedom is stolen from me.

And everybody else.

And a brain dead and drug addled populace could not possibly care less.

Ha I like it when I occasionally read a comment that's either more or at least as cynical as the stuff that I write. Makes me feel like I'm not alone!

[Anti Federalist]

Ha I like it when I occasionally read a comment that's either more or at least as cynical as the stuff that I write. Makes me feel like I'm not alone!

We are a tiny minority, but you are not alone.

[heavenlyboy34]

Ha I like it when I occasionally read a comment that's either more or at least as cynical as the stuff that I write. Makes me feel like I'm not alone!
Between AF and myself there's enough cynicism for at least 2 forums. :cool:

[J_White]

they not only dont want to save money themselves, they dont want others to use saved money.
keep on printing is the name of the game !

[lib3rtarian]

Just emailed out:

Did you make that happen? If so, thank you!