Hawaii 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 Hawaii Resident Making $74,511/Year

$0

Federal Income Taxes Paid Annually by an Average Hawaii Resident Making $74,511/Year

Fast Facts

  • Credit unions in Oahu are exempt from federal, state, and property tax, meaning they pay a total of about $300/month for each parcel they own. – Credit Union Watch, April 2012
  • Reported excessive benefits for credit union executives at Hawaii State Federal Credit Union include off-island trips for the executive and his or her spouse covered by expenses, and reimbursement for all health insurance costs. – Credit Union Watch, February 2011