What is Credit Union?
1.
A scheme to avoid paying taxes. CU members argue that they should be tax exempt because
1. They are member-owned. (Other member-owned coops pay taxes on non-disbursed earnings)
2. They can't issue stock. (Lots of companies--many LLCs, sole proprietorships, S Corporations, etc. -- do not issue stock but still pay income taxes.
3. CUs (allegedly) provide better service (tax exemptions are not awarded to companies that provide the best service).
Credit unions were originally tax exempt because they provided financial services to underserved markets. Today, however, credit unions compete directly against banks and should therefore pay taxes.
Random Words:
1.
When either a stupid yank or pommy tries to be australian. By the time they have said it the aussie should have snapped the touro.
pomm..
1.
(n); One who lives in a trash can, usually retarded or stricken with the plague; one who flails their beef curtains in the wind.
Rufus ..
