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Author Topic: Iowa Banks Launch Campaign Against Credit Unions  (Read 832 times)

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Offline Weird Tolkienish Figure

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Iowa Banks Launch Campaign Against Credit Unions
« on: February 01, 2018, 04:47:06 pm »
https://www.usnews.com/news/best-states/iowa/articles/2018-01-31/iowa-banks-launch-campaign-against-credit-unions

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DES MOINES, Iowa (AP) — Iowa bankers have launched an advertising campaign calling for an end to credit unions' nonprofit status, which they say gives an unfair competitive advantage.

The move comes as Iowa's credit unions increase their market share.

The Iowa Bankers Association has released digital, radio and television ads pushing for a leveled playing field between for-profit banks and nonprofit credit unions, the Des Moines Register reported . The association wants banks' 5 percent franchise tax on profits to also be levied on the state's credit unions.
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Offline Frank Cannon

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #1 on: February 01, 2018, 04:51:22 pm »
What a sham. Either everyone pays the tax or no one should pay the tax. Why the hell should credit unions get a pass on what looks like a fairly hefty tax?
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Offline thackney

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #2 on: February 01, 2018, 05:54:57 pm »
Quote from: Weird Tolkienish Figure on February 01, 2018, 04:47:06 pm
The association wants banks' 5 percent franchise tax on profits to also be levied on the state's credit unions.

They want to apply at tax to profits to an organization that doesn't have any profit?

Did these people flunk 5th grade math?  5% of zero is zero.

It is not a tax on revenue.  When you return any excess income to the members, only the members have something to tax, not the credit union.

« Last Edit: February 01, 2018, 05:58:35 pm by thackney »
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Offline driftdiver

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #3 on: February 01, 2018, 06:08:57 pm »
Quote from: Frank Cannon on February 01, 2018, 04:51:22 pm
What a sham. Either everyone pays the tax or no one should pay the tax. Why the hell should credit unions get a pass on what looks like a fairly hefty tax?

Yes the banks think its unfair that people arent forced to submit to getting screwed.
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Offline thackney

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #4 on: February 01, 2018, 06:12:32 pm »
Some history and information for the curious:

Why Are Credit Unions Tax Exempt? Do You Really Know?
https://thefinancialbrand.com/16153/why-credit-unions-have-a-tax-exemption/
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Online Free Vulcan

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #5 on: February 01, 2018, 10:51:25 pm »
This is a backroom brawl that has raged on in Iowa for decades, occasionally making headlines when it gets especially nasty.
« Last Edit: February 01, 2018, 10:51:55 pm by Free Vulcan »
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Offline InHeavenThereIsNoBeer

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Re: Iowa Banks Launch Campaign Against Credit Unions
« Reply #6 on: February 01, 2018, 11:09:48 pm »
Quote from: Free Vulcan on February 01, 2018, 10:51:25 pm
This is a backroom brawl that has raged on in Iowa for decades, occasionally making headlines when it gets especially nasty.

Hopefully you all will contact your reps and knock this down.

I still use my IA CU even though I live over 1000 miles away.  I get better rates on my savings than most 1-2 year CDs around here.
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