One of my most popular posts ever, probably for the evocative title, was Do stripper strip at home? Drawing more similarities between credit unions and strippers, the issue of taxation has come up. However, in this particular instance, the strippers are asking to be taxed.
In light of the poor economic and budgetary shape the city of New York is in, they are facing tax cuts to schools and the removal of programs. To help combat this shortfall of funds, and most likely for some good publicity, some strippers from Long Island are asking for a “pole” tax. Boiling down to a cover charge or door fee, stripping establishments would collect the fee with the specific purpose of sending that “tax” back to a local school. While entirely voluntary, the group of stripping advocates are lobbying to make this tax required by the state.
Sin taxes have existed for years on cigarettes, beer, liquor, tobacco, and the like while very few states have a stripping tax currently on the books. Some may call CRA a sin tax as well, forcing banks to reinvest, or pay a special tax depending on one’s point of view, into their local community. Seeing as credit union taxation is such a hot topic, what would happen if a CU stepped up and asked to be voluntarily taxed? A credit union could come out and say, “Because we care about our community so much, we’re going to pay a voluntary tax of 1% of our net income into the general school fund.” Would some CU’ers freak about calling it a tax rather than “community involvement”?