West Virginia 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 West Virginia Resident Making $43,385/Year

$0

Federal Income Taxes Paid Annually by an Average West Virginia Resident Making $43,385/Year

Fast Facts

  • The NCUA board is proposing to quadruple the population threshold of a presumptive community charter consisting of a statistical area or a portion thereof served by a federal credit union to 10 million. Therefore, West Virginia could potentially be a part of the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area that has estimated population of approximately 9.6 million people. – Credit Union Watch, December 2016