For years we’ve been talking about it — eliminating the credit union federal corporate tax exemption, because credit unions no longer serve their tax-exempt purpose. Now, in this season of historic tax reform, the time has come.Even a credit union executive questions the exemption. Robert Taylor, president and CEO of ISU Credit Union in Idaho, expressed in the Credit Union Journal: “Sen. Orrin Hatch may be right,” referencing a letter Hatch sent to the chairman of the National Credit Union Administration. The senator wrote: “The credit union industry is evolving in ways that take many credit unions further from their original tax-exempt purpose.”That original tax-exempt purpose, per the Federal Credit Union Act of 1934, was for credit unions to serve “persons of small means,” united by common bond provisions, such as employment or geographical location. Yet for years credit unions have been pushing the boundaries of common bond … [Read more...] about GUEST COMMENTARY: The time has come for credit unions to pay federal corporate taxes
Paying corporation tax
Guess where the corporate tax cut money is flowing
With public companies on track to shower a record $1 trillion on investors through dividend increases and share buybacks, Sen. Marco Rubio's recent suggestion that workers weren't getting much benefit from corporate tax cuts may sound truer than ever. "There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers," the Florida Republican told the Economist last week. "In fact they bought back shares, a few gave out bonuses; there's no evidence whatsoever that they money's been massively poured back into the American worker." While a White House tally in February had at least 275 companies increasing worker compensation, and Americans for Tax Reform, a conservative group, pegs at 4 million the number of workers that have gotten bonuses or increased pay, Wall Street analysts who track corporate cash flows tell a different story. The GOP tax law drastically cut … [Read more...] about Guess where the corporate tax cut money is flowing
We Energies, WPS customers’ bills will drop because of the lower corporate tax rate
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest We Energies, WPS customers' bills will drop because of the lower corporate tax rate The Public Service Commission outlined how We Energies and other utilities should pass on to customers the savings from the lower tax rate. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Subscribe Today Log In Subscribed, but don't have a login? Activate your digital access. Guy Boulton, Milwaukee Journal Sentinel Published 4:43 p.m. CT April 26, 2018 | Updated 6:03 p.m. CT April 26, 2018 CONNECT TWEET LINKEDIN COMMENT EMAIL MORE We Energies electric customers will receive a one-time credit in July and a slight decrease in … [Read more...] about We Energies, WPS customers’ bills will drop because of the lower corporate tax rate
Paying your taxes is a profoundly patriotic act
0 View Comments April 17 was Tax Day this year, the day when the great reckoning arrived for millions of Americans. (Actually, this year, technical issues pushed it back a day to the 18th.) For some, Tax Day is a day of relief each year, when they finally sit down and crank the numbers and find to their delight that they are getting a refund. Others, having delayed until the last possible moment, find that they owe Uncle Sam a chunk of change, or a wad of bills, or whatever your painful metaphor is for owing. Tax Day is a day that many greet with trepidation or even fear. Some argue that even the concept of taxation is evil, and that taxation is theft. Many others argue that taxation is a necessary evil, but argue vociferously that taxes are too high and are unfairly collected. Only the most foolish would argue that Tax Day is actually a day for celebration.I argue that Tax Day is actually a day for celebration.Put a room full of random people together, toss in a question about … [Read more...] about Paying your taxes is a profoundly patriotic act
Britain’s Labour Party tells financiers: pay higher taxes if you want influence
By Andrew MacAskill and Huw Jones LONDON (Reuters) - Britain's shadow chancellor John McDonnell offered a new pact with the financial services industry on Thursday: higher taxes in return for a seat at the policymaking table if Labour wins the next election. McDonnell, a veteran socialist who has won over many voters with his promises to re-nationalize services and increase public spending, said he wanted a "new start" in relations with London's lucrative financial sector. "There are some policies that you will like and some which you will be less enthusiastic about," he told a conference on the future of finance in London. "I don't expect some people to be overjoyed at having to pay a bit more in income tax or corporation tax or at the introduction of a Financial Transaction Tax." With opinion polls showing Labour level with Prime Minister Theresa May's Conservatives, finance executives are increasingly focused on what a government under left-wing leader Jeremy Corbyn and McDonnell … [Read more...] about Britain’s Labour Party tells financiers: pay higher taxes if you want influence