Ending credit unions federal tax exemption would cost the country billions in lost revenue and jobs, according to a study commissioned by NAFCU.
The research that loss of the credit union tax exemption would cost the federal government $15 billion in lost tax revenue, $148 billion in GDP, and 1.5 million lost jobs over the next decade.
Researchers found that consumers benefited by $10 billion per year because credit unions are exempt from federal taxation and that, counter-intuitively, taxing credit unions would result in a net tax loss of $1.5 billion because of the loss in consumer income from fewer credit unions in the marketplace.
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