[RatRipper]

Yes it does translate to lower rates and fees. There used to be a legitimate reason to exempt taxes on credit unions, but now they are commercial banks for all practical purposes. The competitive advantage is one thing that is hurting the ability of banks to attract deposits and it is raising borrowing costs across the board and making bank funding strategies more risky.

I agree in principal on eliminating corporate income taxes. C corporations do not pay taxes. The taxes are passed along to their customers. Politicians love to hide taxes so that the public will not know they are paying them (e.g. - corporate taxes, gas taxes, etc)

[agarrett]

  If I'm not mistaken, credit unions also have to organize as non-profits, with all the rules that entails. That is also a difference between them and commercial banks, and another reason for the tax deduction.

Drew Garrett