1. United States
2. Pa.
3. Letter

A new tax on credit unions would harm millions of Americans who rely on these not-for-profit financial cooperatives for affordable banking services and better interest rates. Credit unions were formed to provide a necessary alternative when banks refused to serve working families, small businesses, and underserved communities. They remain committed to putting people over profits, reinvesting earnings to benefit members rather than outside stockholders. While credit unions serve 43% of the population, they hold just 8.8% of financial institution assets, demonstrating their focus on helping people build savings and improve their financial well-being. Imposing a new federal income tax would strip credit unions of their ability to deliver over $35 billion in annual consumer benefits and jeopardize the 1.2 million jobs they provide nationwide. With 88% of voters viewing credit unions favorably and supporting their tax status, taxing these member-owned institutions would go against the public interest. Instead of increasing costs on 140 million credit union members, we should preserve policies that uplift working Americans and strengthen local economies. I urge you to oppose any effort to tax credit unions, as it would undermine affordable financial services for your constituents.