“Magic” Money a Mere Illusion: Refund Anticipation Loans & the Earned Income Tax Credit in West Virginia


 

Working West Virginians with modest incomes lost nearly $13 million of their 2006 federal income tax refunds to tax preparers who promised them “fast cash." Refund Anticipation Loans (RALs) provide high-interest credit or cash advances to tax filers based on their expected refunds and are marketed to those who need money quickly during tax season. Read


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