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Oct

Taxing credit unions would just help big banks at expense of consumers

Yaël Ossowski’s op-ed challenging credit unions’ tax exemption (“Why should banks pay taxes while credit unions get a break?”, Oct. 20) goes sharply to specifics, dismissing millions of North Carolinians who see nearly $430 million in benefit thanks to credit unions. The tradeoff for his proposed leveling would be at least a five-fold tax on no fewer than 4 million fellow citizens.

First, it is important to put things in perspective. This challenge is neither new nor untested. Each time it has been posed over several decades, citizens and Congress have reaffirmed the value of credit unions and consumers’ choice in the matter.

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