Georgia 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 Georgia Resident Making $53,559/Year

$0

Federal Income Taxes Paid Annually by an Average Georgia Resident Making $53,559/Year

Fast Facts

  • LGE Community Credit Union, worth $1.27 billion, recently acquired Georgia Heritage Bank, worth $94.7 million. – CUInsight, March 2018
  • $2.3 billion Georgia’s Own Credit Union recently acquired State Bank of Georgia, worth $90.1 million. – Credit Union Journal, November 2017
  • Georgia United Credit Union has a five-year sponsorship agreement with Georgia Athletics. – Georgia United press release on CUInsight, January 2018
  • SRP Federal Credit Union, worth $851 million, acquired Southern Bank, worth $80 million. – The Augusta Chronicle, April 2018