CLIFFSIDE PARK, N.J. – Congressman Bill Pascrell (D-9), who serves on the tax-writing House Ways & Means Committee, held a Town Hall Meeting last night in Cliffside Park.
Rep. Pascrell gives his stance on the credit union tax exemption as Tom Quigley, XCEL FCU Director of Marketing, brings up tax reform at the Town Hall Meeting.
Tom Quigley, XCEL FCU Director of Marketing, together with NJCUL President/CEO Greg Michlig and Director of Government Affairs Chris Abeel, were among the more than 200 who attended.
The Affordable Healthcare Act, or “Obamacare”, and the crisis in Syria dominated much of the discussion. When Quigley took to the microphone to discuss tax reform and preserving the credit union tax exemption, it seemed a welcome break from the other issues where emotions ran high at some points.
Quigley addresses the credit union tax exemption debate with Rep. Pascrell.
Congressman Pascrell was quick to note that the credit union tax exemption is an intentional exception like the charitable gift and mortgage interest deductions. “It’s not a loophole.” He said all deductions and exemptions are under attack but we [Congress] should be going after the loopholes like the ones that send jobs off-shore. He said he would fight to keep legitimate deductions and exemptions, and that credit unions do a great job and provide necessary competition to banks.
“This was an excellent opportunity to communicate the ‘Don't Tax My Credit Union’ message to an important member of our Congressional delegation who will likely play a key role as tax reform moves forward,” Abeel said.
“I want to thank Tom for taking time on a summer evening to advocate on behalf of credit unions,” Michlig said. “It’s one thing for a trade association to be there. It’s much more effective when a local credit union speaks on behalf of thousands of members in the lawmaker’s district,” he added.