Nov 04 - Aggresive Growth of State-Subsidized Credit Unions Is Steadily Eroding Utah's Tax Base.

Did you know...

That you pay more income taxes than Utah's billion-dollar credit unions? The average Utah family pays $5,992 a year but Utah's mega credit unions pay nothing.

The tax exemption for big credit unions hurts...

• You. Because large credit unions don't pay income and sales tax, other taxpayers must make up the difference. Even low-income taxpayers share the burden of subsidizing billion-dollar credit unions.



• Your neighborhood school. Because 100% of all Utah income tax goes to education, the income tax exemption for large credit unions directly costs our schools. If Utah's big credit unions paid income tax, Utah schools would have several million dollars more a year to educate our children.

The Council for Sound Tax Policy (CSTP) is comprised of citizens and leaders dedicated to preserving a broad tax base and a fairly distributed tax burden. CSTP supporters are concerned about erosion of the tax base resulting from the aggressive growth of large credit unions that pay no income taxes. It is the position of CSTP that large, aggressive-growth credit unions that have abandoned the role of traditional credit unions, should pay income taxes on profits that are not distributed to members.

CSTP supporters include tax-paying citizens, business leaders, elected officials, school teachers and education leaders, tax watchdog groups, advocates for low-income people, and others. Funding for CSTP activities comes from a variety of sources, but mostly from the financial institutions industry.

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