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.