|Senate Finance Committee Chairman Max Baucus, D-MT|
FEDERAL TAX REFORM HEATS UP
updated 11/05/13 09:40 AM
Draft Legislation Looms
Since April, the California and Nevada Credit Union Leagues and Credit Union National Association (CUNA) have been warning credit unions that Congress would begin a massive tax-reform overhaul in the months ahead. It appears the process is about to formally begin.
Senate Finance Committee Chairman Max Baucus, D-MT, is telling news reporters that his committee is close to releasing a framework—as well as a first draft—for reforming the U.S. tax code.
According to several reports from Bloomberg Government and The Hill (click here to view The Hill story), Baucus plans to release a discussion draft as a tactic to push forward on tax reform.
For credit unions, this means moving to a higher state of action. In order for credit unions to ensure they are not included in those drafts, credit union supporters need to speak up and speak loudly—and now.
"One hundred thousand contacts sent to a senator in a day, and 10,000 sent to a member of Congress—that’s the type of attention it will take to get a response,” said Bob Arnould, senior vice president of advocacy for the Leagues.
He added: "While many media outlets are reporting that the odds of passing tax reform during the remainder of this congressional session are slim, credit union supporters need to be reminded that if the outcome of these draft bills is negative for credit unions, we will be forced to switch from a proactive legislative agenda to a responsive one. Credit unions will then be dragged into an all-out war to protect our tax status, without any gains on charter enhancements, such as the member business lending cap or supplemental capital."
California and Nevada credit unions have sent more than 240,000 contacts to Congress as part of the national effort launched by CUNA earlier this year. Nationally, 1.2 million contacts have been made. That’s 1.2 million out of potentially 96 million members.
What can credit unions do? Engage your members through a direct e-mail solicitation, and ask them to visit Connect For The Cause to send a letter to their member of Congress and senator.
Or call 877-642-4223 (toll free) and tell your member of Congress: "Don’t tax my credit union."