Published by CUEvangelist – July 3, 2024

As Americans celebrate July 4th with cookouts, amusement park visits, and movie outings, there is the likelihood many will not pause to reflect on the history of Independence Day and its origins.

The Boston Tea Party, a rebellion sparked by unfair taxes, played a crucial role in the American colonists’ fight against British rule.

While fair taxes can benefit communities by funding better roads, bridges, and social services, tax exemptions can also promote societal benefits, fostering financial freedom and wellness.

For those of modest means, credit unions’ tax-exempt status provides everyday financial independence not just once a year.  Credit unions offer continuous freedom from predatory lending and debt traps, helping many Americans make ends meet.

Beyond the financial benefits, credit unions operate on democratic principles, where each member has one vote in important decisions and governance matters.

Credit unions’ freedom from taxation allows them to offer better rates and lower fees, aiding members in achieving financial independence.

As we celebrate America’s independence from British rule and oppressive taxation with fireworks and festivities on July 4th, let’s also recognize the financial freedom credit unions provide to many Americans through their tax-exempt status.

Mark S. Brantley, Esq. is currently known as the CUEvangelist – “Spreading the Good News About CUs!” Mark is also an Asst. Director of Operations at Arizona State University and was the former vice-chairman of the AACUC, former board member of CUNA, and former Chairman of the Municipal Credit Union. He has written numerous articles and white papers on credit union advocacy, legislative, and regulatory matters.