CUs Generate $17B in Tax Revenues Posted by Association of Vermont Credit Unions on 11:06 AM

CUNA again issued statements this week correcting banker falsehoods about their claims regarding the credit union tax status.  In response to banker statements that credit unions pay no taxes, CUNA illustrated how credit unions’ presence in the marketplace generates $10.7 billion in federal tax revenue and an addition $6.4 million in state and local tax revenue.

Tax revenue contributions from credit unions include:

• $4.2 billion in direct federal and $2.4 billion in state and local taxes from credit unions and employees through FICA, personal income and excise taxes, among others;
• $3 billion in federal and $1.3 billion in state and local indirect taxes generated by credit unions through purchases of third party contracting goods and supplies; and
• $3.5 billion in federal and $2.7 billion in state and local taxes generated by credit union employee spending in local communities.

Additionally, CUNA notes that credit union members paid $1.6 billion in state and federal income taxes in the most recent federal tax year.