Treasury Secretary John Snow uttered the words the credit union faithful wanted to hear again during last week's opening day of CUNA's Governmental Affairs Conference. "Let me be just as clear as I can," said Snow. "This Administration, this President, and I as Treasury Secretary, support your tax exemption." Snow thanked credit unions for joining the Administration in advancing its agenda on expanding homeownership, increasing financial literacy, providing assistance for Hurricane Katrina relief, and fighting the war on terrorism.
He also urged credit unions to expand affordable health care coverage by offering tax-deductible Health Savings Accounts. Snow said President Bush is proposing to expand HSAs by making premium costs deductible from income and payroll taxes when purchased by individuals and raising the cap on the amount of money that can be saved in an HSA.
