Nixing CU Tax Exemption Among Options in Deficit Panel Draft

11/10/2010  By Claude R. Marx CU Times
A draft proposal of a report by a presidentially appointed deficit reduction panel includes an option that would eliminate many tax exemptions, including the one for credit unions.

The report doesn’t cite credit unions by name but suggests eliminating “all $1.1 trillion in tax expenditures.’’

It does, however, cite other tax deductions that should be eliminated, including one for mortgage interest.

The Congressional Budget Office estimates that taxing credit unions would generate about $8 billion per year.