Kansas 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 Kansas Resident Making $54,935/Year

$0

Federal Income Taxes Paid Annually by an Average Kansas Resident Making $54,935/Year

Fast Facts

  • In 2014, Golden Plains Credit Union acquired Parsons Pittsburgh Credit Union, worth $13.4 million in assets. – Credit Union Watch, March 2014
  • Recently, Four Corner Credit Union received approval from the Federal Reserve Bank of Kansas City to serve marijuana businesses. – The Wall Street Journal, February 2018
  • Mazuma Credit Union signed a five-year contract in 2015 to sponsor Major League Soccer’s Sporting Kansas City, also helping to construct the Mazuma Mezzanine at the arena. – Kansas City Business Journal, April 2015