White House To CUs: We Support TaxExemption

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WASHINGTON - (02/28/06) -- Treasury Secretary John Snow utteredthe words the credit union faithful wanted to hear again duringMonday's opening day of CUNA's Governmental Affairs Conference."Let me be just as clear as I can," said Snow. "ThisAdministration, this President, and I as Treasury Secretary,support you tax exemption." Reemphasize the Bush Administration'sstance on the core credit union issue. Snow thanks credit unionsfor joining the Administration in advancing its agenda: onexpanding homeownership; increasing financial literacy efforts;providing assistance for Hurricane Katrina relief and in fightingthe war on terrorism. He also urged credit unions to obtainaffordable health care coverage by offering tax-deductible HealthSavings Accounts. Snow said President Bush is proposing to expandHSAs by making premium costs deductible from income and payrolltaxes when purchased by individuals, raising the cap on the amountof money that can be saved in an HSA and making the high-deductibleinsurance plan that accompanies an HSA fully portable.

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