Credit Union

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.


73

Random Words:

1. Russians use 'zabAvno' in reaction on smth funny or in response on some funny story. Just for lazy, non emotional people -Lo..
1. When scientists combine the AIDS virus with the Rabies virus, a hybrid virus known as Aidsbies will be formed. When this virus is unlea..
1. USA olympic track athlete that holds the American record for the 5000m with a time of 12:58. that is 4:10 per mile which is pretty damn ..