Pennsylvania 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 Pennsylvania Resident Making $56,907/Year

$0

Federal Income Taxes Paid Annually by an Average Pennsylvania Resident Making $56,907/Year

Fast Facts

  • Originally created with military as core membership, the $22.4 billion Pentagon Federal Credit Union has recently launched an aggressive national advertising campaign boasting of “great rates for everyone” – proving they no longer follow the common bond provision.
  • For those who do not meet membership eligibility at PenFed, just a $17 donation (which could even be tax deductible) to one of their various partner foundations allows someone to join.
  • PenFed has 50+ offices and 1,700 world-class sales professionals, offering complete service coverage in Virginia, Maryland, District of Columbia, Delaware, Pennsylvania, West Virginia, Florida, Tennessee, Kansas and Texas markets.