South Carolina 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 South Carolina Resident Making $49,501/Year

$0

Federal Income Taxes Paid Annually by an Average South Carolina Resident Making $49,501/Year

Fast Facts

  • In 2015, Founders Federal Credit Union bought the naming rights, and more advertising opportunities, to the baseball stadium at the University of South Carolina for $7 million. – The State, October 2015
  • SRP Federal Credit Union in North Augusta, South Carolina reached an agreement to acquire Southern Bank in Georgia – a merger that would total the assets of the credit union to $950 million. – Credit Union Watch, November 2017