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Well the national association of credit -- is urging its members to help fight against changes to tax rules -- could hurt not only their business but 96 million Americans as well.
Joining us the president CEO of Credit Union National Association big Credit Union National Association bill Cheney and it's great to have you on the show -- -- -- -- talk about this.
You're trying to get ahead of congress because you're hearing from your sources.
That there about -- -- a white sheet approach to the tax code which I think wipe everything out that's exactly right and then they start over.
Right Senate Finance Committee chairman Max baucus and house Ways and Means Committee chairman Dave Camp of -- said we're starting with a clean slate a blank sheet of paper which means.
All the deductions all the exemptions are gone.
And we're starting from scratch and we gotta get back on that.
You're getting ahead of this now as that and trying to get the message out okay.
Now what are the things that that also that you got in your in your cut your argument I guess write to congress is that every one dollar a new taxes on -- credit union member on the credit union which is the same thing right equates to about eight dollars in losses to that same -- Garcia is playing a map here on this -- -- Yeah absolutely -- -- 96 million credit union members were financial cooperative so the members -- the credit union.
A because Koreans are not for profit and they do have a tax preference and that their tax exempt they're a better deal.
And it's not just because of the tax exemption so the joint committee on taxation taxation estimates that can race 500 million dollars in revenue by taxing credit unions.
But we know -- consumers benefit.
Today it's in the credit union members benefit to the tune of eight billion dollars -- you know what bank customers benefit too because pretty union steep bank rates more competitive.
Right away you know really it began spreading any -- -- it is a members only right.
Benefit that is given her -- corporation just like you get help there with her health care through corporation.
Right and you don't I -- you they don't have to pay dividends to shareholders either it's pretty in his return their profits to their members not and a members pay taxes on.
The -- the profits that they receive in -- term in terms of a better deal so it's not the credit union that would be paying taxes it's 96 million Americans who would be the.
Thanks obviously have I have a piece of the pie here in this in those association's most likely the ones that are going whispering and their predators near the -- they're saying hey you need to look at the credit it is because then they'd benefit by getting your Custer.
-- -- Minnesota figure of the competition right I think that's what I did but consumers deserve a choice and that's why.
It's so important to preserve the tax -- because if you tax credit unions you eliminate credit unions and I don't think anyone wants secret means go away the only people suggesting.
That I'm aware Evan Washington and pretty and should be taxed or banks.
And it may want to -- a bigger story here if they -- I don't want this twenty minutes.
400 -- if congress goes in a white papers the tax code starts all -- which people wanna say we need tax reform August after the the only real -- -- -- that they white paper out.
What you're saying here's 400 industries are gonna all be fighting right to get their tax breaks.
Back -- you -- one -- and it's tough to get out.
-- debate that's exactly right and they should be fighting but but we -- we started early and we're going to.
The ramp up our efforts and get pretty union members involved pretty members support.
Their credit union because they own the credit union they're part of the credit union family and they want to take action to protect their -- Really interesting -- would look to have you back talk about the some I would -- becoming you -- you are.
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