States Lose When Credit Unions Acquire Banks
Unlike banks, credit unions remain exempt from most taxes. The credit union tax exemption doesn’t make dollars, and now, it doesn’t make sense.
Academic studies show that higher corporate tax rates depress worker wages and lead to fewer jobs. An Organisation for Co-operation and Development (OECD) study has found that the corporate tax is the least efficient and most harmful way for governments to raise revenue.
Unlike banks, credit unions remain exempt from most taxes. The credit union tax exemption doesn’t make dollars, and now, it doesn’t make sense.
Tax Foundation Europe’s Sean Bray had the opportunity to interview Dr. Dominika Langenmayr, Professor of Economics at Catholic University of Eichstätt-Ingolstadt, about the future of the EU tax mix.
15 min readBetween Russia’s war in Ukraine, President Trump’s uncertain policies towards Europe, and Poland’s attempt to increase domestic defense capabilities, raising revenue has become one of the most critical topics in the campaign.
7 min readIt’s been a whirlwind 24 hours in tariff news: first, a trade court blocked Trump’s sweeping new tariffs, calling them executive overreach. Then, a federal appeals court reinstated them—at least for now. We break down what happened, what’s next, and why it matters.
Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.
4 min readThe House reconciliation bill includes numerous changes to the tax code: good, bad, and ugly. However, the new corporate alternative minimum tax, or CAMT, goes largely untouched.
4 min readOur experts are providing the latest details and analysis of proposed federal tax policy changes.
11 min readDeveloped countries raise tax revenue through individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes—the combination of which determines how distortionary or neutral a tax system is.
4 min readSean Bray interviewed Professor of Business Accounting and Taxation at the University of Kiel, Jost Heckemeyer, about the future of the EU tax mix. The interview shows that there is a trade-off between stability and flexibility in European tax policymaking. It also shows that there ought to be a balance between fairness and competitiveness when thinking about improving tax policy.
16 min readAs lawmakers consider options for budgetary offsets, they should prioritize competitiveness and economic growth, as a heavier corporate tax burden will undermine the core purpose and achievement of the TCJA.
24 min readAs lawmakers continue to debate the “One Big Beautiful Bill,” they should abandon temporary and complex policy in favor of simplicity and stability.
4 min readThe Polish government is considering converting its traditional corporate income tax into a tax on distributed profits. We estimate that this reform would result in greater investment, a larger productive capital stock, and higher economic output in the long run.
29 min readAccording to the latest economic data from the US Census Bureau, the average per capita state and local tax burden is $7,109. However, collections vary widely by state, reflecting differences in tax rates and bases, natural resource endowments, the scale and scope of taxable economic activity in each state, and residents’ political preferences.
5 min readPairing permanent TCJA individual tax cuts with new limits on business SALT deductions would shrink the economy, reduce American incomes, and increase the federal budget deficit, undermining the policy goals of TCJA permanence.
3 min readA tax preference originally designed to level the playing field now has the opposite effect, creating preferences for one class of financial institutions even though the distinctions between credit unions and banks are increasingly blurred.
6 min readPresident Trump has repeatedly floated the idea of entirely replacing the federal income tax with new tariffs. Recently, he has said that when tariff revenues come in, he will use them to replace or substantially cut income taxes for people making under $200,000.
8 min readBy implementing a more sophisticated and nuanced trigger system for its tax reduction goals, North Carolina can sustain its trajectory toward lower tax rates, reinforce its reputation as a business-friendly state, and ensure long-term fiscal stability in an ever-changing economic landscape.
4 min readWithout aligning fiscal discipline with pro-growth tax policies, Germany and the EU risk high deficits, mounting debt, and sustained inflation.
5 min readWithout businesses as their taxpayers and tax collectors, governments would not have the resources to provide even the most basic services.
5 min readOn average, businesses in the OECD are liable for collecting, paying, and remitting more than 85 percent of the total tax collection.
15 min read