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SNOW JOB

February 27, 2006

Treasury Secretary John W. Snow is shoveling the fluffy stuff at the Credit Union convention this morning:

I meet and work with financial leaders every day, but I can easily say that Credit Unions have the most heart. Your motto rings true to your culture: "not for charity, not for profit, but for service."

You do good work: loans to small business, home mortgages, financial education and working in partnership with the government to fight the financial war on terror. You were wonderful in your response to hurricane Katrina, in a time when American's helping each other meant so very much.

Each one of these efforts is critical to our country's economic health and strength, and I applaud you for doing good while you do business.

I believe I told you last year that this administration understands the basic economic principle that you get less of anything you tax -- and we don't want less of what you do. Well, that principle, and that position, remains true today.

We don't want less small-business lending. We don't want fewer home mortgages. We want a continuation of your tax exemption and we want to continue to have a strong relationship with a group of financial institutions that are dedicated to their communities, who want to see their customers educated and financially literate.

Banks, of course, do all of these things, so we can count on the Secretary to work for a repeal of the federal income tax on banks. After all, "you get less of what you tax," and "We don't want less small-business lending" and "fewer home mortgages."

Links:

Prior Tax Update coverage of credit union tax breaks.

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