Maryland 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 Maryland Resident Making $78,945/Year

$0

Federal Income Taxes Paid Annually by an Average Maryland Resident Making $78,945/Year

Fast Facts

  • Municipal Employees Credit Union (MECU) of Baltimore was approved to buy Advance Bank, worth $54 million. – Credit Union Watch, October 2013
  • States Employees Credit Union paid $4.75 million to earn naming rights to Towson University’s new basketball facility. – The Baltimore Sun, July 2013