Florida Credit Unions' Free Ride

Although they portray themselves as mom and pop shops for people of modest means, today credit unions are a $1.3 trillion industry, with many indistinguishable from banks. The BIG difference – they don’t pay federal income taxes, depriving the U.S. Treasury of roughly $2 billion every year.

Federal Income Taxes Paid by Credit Unions

$0

Federal Income Taxes Paid by Credit Unions
Federal Income Taxes Paid Annually by an Average Florida Resident Making $50,860/Year

$0

Federal Income Taxes Paid Annually by an Average Florida Resident Making $50,860/Year

Fast Facts

  • VyStar Credit Union, with assets totaling $7.5 billion, recently bought the SunTrust Tower in downtown Jacksonville, valued at $31.1 million. – Jacksonville Daily Record, June 2018 
  • GTE Financial (a $1.9 billion Florida credit union that does not use credit union in its name) is available to anyone by joining CU Savers, a club dedicated to financial literacy.  The club operates out of a P.O. Box, and appears to be directly connected to the credit union. – CU Savers, 2015
  • Suncoast Credit Union paid $5 million to name Florida Southwestern College’s multipurpose arena. – The News-Press, January 2015
  • Achieva Credit Union created a mergers and acquisitions practice group dedicated to advising other credit unions on how to buy banks. – CUInsight, June 2017