As Congress debates an overhaul of the tax code, it is considering implementing new taxes that will have a dramatic impact on the middle class and effectively raise taxes on about 96 million people.
The proposal to place new taxes on credit unions is being pushed on Capitol Hill by the banking industry’s K Street lobbyists, who tell politicians that credit unions’ nonprofit tax status gives them an unfair advantage, while at the same time letting credit unions off the hook in the effort to balance the budget.
