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ABA/ICBA Letter to Chairman Camp

Thank you for beginning the process of comprehensive tax reform. We continue to analyze your recent discussion draft and its impact on the banking industry in greater detail. As the process unfolds in the coming months, we strongly urge you to use this opportunity to reexamine existing tax advantages that are outdated, no longer serve the public interest intended, and create competitive inequities between taxed and non-taxed firms.



Government protection not the answer

Some banks are asking state legislators to pass resolutions calling on the U.S. Congress to eliminate the nonprofit status of credit unions, effectively imposing new taxes on the banks’ smallest of rivals. Said differently, “too big to fail” banks – those first to get in line for federal help and bailouts – are coming to a statehouse near you and pleading for government help to raise the cost of iheir ankle biter competitors.