Letters to the Editor

Letter: Raising taxes on credit unions a step backward

I read John Sorensen’s Nov. 29 guest column “Tax reform: A chance to get it right” and couldn’t help but respond and voice my strong opposition to raising taxes on credit unions or any other business, for that matter.

Banks are consistently among the most profitable industries in the country and have many ways to mitigate their tax liability. Ultimately, banks are in business to return the maximum investment possible to their select stockholders.

My credit union, the University of Iowa Community Credit Union — and all credit unions — are different because they are cooperatively owned and their only reason for being is to serve all their member owners.

UICCU makes smaller dollar business loans that banks have no interest in making and provides access to credit in ways banks do not.

The tax reform bills recently passed by the U.S. House and Senate reaffirms the credit unions’ different tax treatment. Raising taxes on credit unions would be a step backward for businesses in a time we should be doing things to spur economic activity.

Scott Ramspott

North Liberty

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.

CONTINUE READING

MORE Letters to the Editor ARTICLES TO READ NEXT ...

A recent letter suggested that firearms should be regulated like vehicles ('Firearms should be treated like vehicles,' April 12). Great idea! How about we do the same with freedom of speech and freedom of religion? After all, if w ...

I retired from the Air Force as a firefighter after 23 years of service and I don't think a Veterans Administration-type system of health care should be extended to all Americans. If we make government-run health care available to ...

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.