A non-profit political action organization has launched an ad campaign attacking the tax exemption of credit unions, arguing they should be taxed like their banking counterparts.
The group, American Family Voices, began running ads featuring a cigar smoking duck in Politico that says credit unions have grown too large and have moved beyond the business model of helping those of modest means that enabled them to get tax exempt status from Congress in 1934.
The group argues in its ad:
If it walks like a bank, talks like a bank, and quacks like a bank… it should be TAXED like a bank.
But today, credit unions comprise a $680 billion industry. This is not your grandfather’s credit union.
AFV’s ads also look to make an argument in favor of regulating the fees that banks and credit card companies charge merchants for card purchases. Known as interchange fees, the issue has turned into a battle between banks and retailers and an amendment in favor of regulating the fees has been attached to the massive regulatory reform package being considered in Congress.
Interchange fees, according to AFV, cost small businesses and consumers $48 billion every year.
If credit unions want to play with the big boys—and share in their profits—then Congress should tax them like banks.
See AFV”s cigar smoking duck ad here.