Reader’s view: If it works like a bank, it should pay bank taxesIf credit unions do everything like a bank then it is time for them to pay taxes like a bank.
I’ve read the recent Opinion page pieces regarding the tax status of credit unions. Does the average consumer really get such a huge variety of services from a credit union that’s different from a bank? Does the average consumer really get charged lower fees at a credit union? Or are the fees comparable? Does the average consumer really pay a substantially lower interest rates on loans at a credit union?
I was always taught that if it swims like a duck, walks like a duck and quacks like a duck, you may be looking at a duck.
My point is: Even in their advertising, credit unions say, “Why would you bank somewhere else?”
If credit unions do everything like a bank then it is time for them to pay taxes like a bank.
Remember, if they are not paying taxes, this means every consumer in Minnesota is actually paying more. You are paying their “fair share” of taxes.
Is this really what you want?