Several hundred Iowans representing credit unions across the state rallied in the rotunda of the State Capitol building today to speak against proposed tax increases for the organizations. Patrick Jury, vice president of the Iowa Credit Union League, told the group banks are pushing the legislation claiming it will “level the playing field” with credit unions.He says banks control 92-percent of the marketplace, while credit unions control only eight percent of the market, just enough to provide some competition. Jury says the banks don’t want to make things fair, they want a monopoly. He says banks say they’re asking legislators to level the playing field, but he says they’re instead trying to level the competition. Jury says at the same time they’re seeking to get the taxes increased on credit unions, banks are continually asking legislators for tax breaks. He talked about several ways banks have sought to lower their taxes.He says banks pay a much smaller franchise tax than other organizations. He says they sued to get A-T-M surcharges, and after collecting ten million dollars in surcharges, they now want to not pay taxes on the revenue. Jury says credit unions have been fighting the bank’s attempts to run them out of business for years, and will continue to fight. Credit union members left the rally to go and talk to their individual legislators about the issue..
Iowa's Radio News Network
