Discussion:$800 Billion lost to RALs !!!

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Discussion Forum Index --> General Chat --> $800 Billion lost to RALs !!!

Wiles (talk|edits) said:

28 January 2010
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"The National Consumer Law Center estimates that 8.4 million refund loans were made in 2008, and taxpayers -- mostly moderate and low-income -- lost $800 billion from their refunds to these short-term loans."

Wow! Who woulda thunk that those moderate and low-income people had that kinda money to burn? I guess this whole wealth redistribution thing must really be working. Can we get rid of the graduated tax rates now?

RoyDaleOne (talk|edits) said:

5 February 2010
Can someone divide divide $800 billion by 8.4 million, please?

I get $95,238.10. That is per return.

Am I correct?

Kevinh5 (talk|edits) said:

5 February 2010
even over 20 years it is high

how about 20 years x $100 bank RAL fee x 8.4 million returns

Kevinh5 (talk|edits) said:

5 February 2010
I get 16.8 billion

Kevinh5 (talk|edits) said:

5 February 2010
did we give TARP money to any of those banks?

Jmcdon00 (talk|edits) said:

2 March 2010
800 million, or about $95 per return. Still a pretty steep price for 10day loan.

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