New Jersey 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 New Jersey Resident Making $76,126/Year

$0

Federal Income Taxes Paid Annually by an Average New Jersey Resident Making $76,126/Year

Fast Facts

  • New Jersey credit unions constantly struggle with making up for million dollar taxi medallion loans. First Jersey Credit Union and Aspire Federal Credit Union have both experienced losses above half a million dollars over the last few years due to lending to taxi medallions. – Credit Union Watch, May 2017