WASHINGTON - Three senators have introduced a long-shot bill that would destroy a pillar of the credit union industry: its federal tax exemption.

The Unlimited Savings Allowance Tax Act of 1995, a far-reaching tax reform bill, was introduced by Republican Pete Domenici of New Mexico and Democrats Sam Nunn of Georgia and Robert Kerrey of Nebraska. It would impose an 11% flat tax on virtually all businesses, including credit unions.

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