As the credit union industry continues to engage in the fight over comprehensive tax reform, other industries are now joining the fray as the deadline for members of the U.S. Senate Committee on Finance to submit their requests to Committee leadership to preserve exemptions in the tax code looms large by last Friday, July 26, according to The Hill, a newspaper dedicated to happenings on Capitol Hill.
Hill publications began reporting late last week that tax lobbyists for all manner of industries are now raising their voices and lobbying senators for the preservation of their own tax treatment. This cacophony presents a real challenge to the credit union message being heard, and is precisely what MCUL and CUNA warned would occur at some point in this process. If there is some comfort, it appears the banking side chose this moment to deepen their own grassroots involvement against credit unions, some of which will no doubt be lost in the greater buzz. But for credit unions, the objective is clear – we must be louder and we must continue to ratchet up the grassroots pressure.
The “Don’t Tax My Credit Union Campaign” has generated more than 400,000 contacts to Congress up to this point, a great start prior to the descent of lobbyists onto the Hill. However, more is needed and the industry must sustain this pressure through the introduction and legislative process for tax reform legislation. If your credit union has not yet participated in the campaign, visit DontTaxMyCreditUnion.org and contact the MCUL Government Affairs team to find out how you can engage your institution, employees, volunteers and members.