NAFCU Chief Economist Curt Long joined us on the show to share finding from the organization's recent Credit Union Federal Tax Exemption Study, which focused on how removing the credit union tax exemption could severely impact the economy.
Curt shared such findings as removing tax exemption would reduce tax revenue by $5.6 billion and it would cost the economy nearly 80,000 jobs per year. Conversely, they found that the tax exemption benefits households to the tune of $15 billion per year.
In addition, the outlay for the credit union tax exemption was less than 0.1% of the 2020 budget deficit. If the total deficit were the height of the Washington Monument, the credit union tax exemption would be the size of an average kindergartener.
Lastly, Curt talks about the study finding that non-credit union consumers benefit from the competitive influence of credit unions on other financial institutions.
Many more findings in this study. Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.