Keith Leggett doesn’t dispute credit unions should be allowed tax-exempt status to serve people of modest means. However, Leggett, vice president and senior economist at the American Bankers Association, says credit unions are not holding true to that mission. And because they are not, he says, their tax-exempt status should be revoked.
The debate over the tax-exempt status of credit unions came up recently as part of a possible overhaul of the federal tax code by the Senate Finance Committee. On December 9, the Credit Union National Association quoted House Ways and Means Committee Chairman Dave Camp (R-Mich.) saying a bill wouldn’t come out until February or March.
The committee released the Tax Reform Options Papers in June of 2013. They listed several options including disallowing the tax-exempt status for credit unions. The report cited a Tax Foundation article that proposed eliminating credit union tax exemptions as one of the “least worst options” to raise revenue. The Tax...
Millions of previously hidden U.S. stock trades will be revealed for the first time on December 9 thanks to research from a team of academics.
Previously odd lots, which are trades of less than 100 shares, have not been revealed on the publicly available “consolidated tape”, with only big investment banks and sophisticated computer-powered high-frequency traders paying to see them from individual exchanges. It was thought they were used only by small retail investors and so were not important....
Florida received $1 billion from the federal government to help struggling homeowners, but just 13 percent of that money has gone toward helping them.
Florida received the stimulus money, part of the Hardest Hit Fund, after the housing market collapsed in 2008. Only California received more from the fund.
The money is intended to help homeowners who find themselves “underwater,” owing more than their homes are worth. In the meantime, people are drowning.
‘Not Getting Fund Out the Door’