August 19, 2013

Baucus, Camp talk tax reform in California

Aug. 20, 2013 – Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Dave Camp, R-Mich., stop this week in California to discuss tax reform with local businesses.

Yesterday the pair visited Square Inc., a technology company in San Francisco. Today the two will tour Intel in the Silicon Valley area as they continue their push for tax reform. California is the third stop on the "Max and Dave" road show, which began in Minnesota's twin cities and next stopped in Pennsylvania and New Jersey.

Baucus and Camp are hoping to bring tax reform legislation to their colleagues this fall but face an uphill battle amid simultaneous calls for more government revenue.

As the Congressional district work period continues, several lawmakers have voiced their support for the preservation of the credit union federal corporate income tax exemption. The most recent credit union allies on this issue to speak out are Sen. Carl Levin, D-Mich., Sen. Tammy Baldwin, D-Wis., and Rep. Rush Holt, D-N.J.

NAFCU stays at the front of the conversation stressing the importance of the credit union federal income tax exemption. A NAFCU economic study conducted last year shows that eliminating the tax exemption would result in the loss of 150,000 jobs a year over the next decade and a net loss of revenue to the federal government. The presence of the nation's tax-exempt credit unions benefits all U.S. consumers to the tune of about $10 billion per year.

NAFCU President and CEO B. Dan Berger encourages credit unions to reach out to lawmakers during this August recess to ensure they know the value of credit unions' tax exemption and how it benefits their constituents. Credit unions will head to Washington Sept. 8-11 for NAFCU's Congressional Caucus, "Storming the Hill," to carry on that work in person.

To contact lawmakers now, visit NAFCU's online grassroots action center.