Durham, Kelly Corrections Corporation of America
Early, Annie Steamfitters Local 601
Eleson, Charity Wisconsin Council on Children & Families
Ellinger, Lisa New Hope Project, The
Essie, Patrick GlaxoSmithKline Inc
Essie, Patrick UST Public Affairs Inc
Fonfara, Thomas American Chemistry Council
Fonfara, Thomas MCI Inc
Fonfara, Thomas T-Mobile
Foti, Steven Wisconsin Funeral Directors Assoc.
Gallo Esq, Donald P Petroleum Marketers Assn of WI / WI Assn of Convenience Stores
Gallo Esq, Donald P Wisconsin Fabricare Institute
Gardner, William Wisconsin & Southern Railroad Co.
Garvin, John ATC Management Inc.
Giegerich, Jennifer Wisconsin Public Interest Research Group (WISPIRG)
Haber, Darcy Wisconsin Citizen Action
Hines, James MCI Inc
Honzelka, Joseph W Milwaukee Police Association
Hoven, Timothy Wisconsin Cemetery Association
Jones, Glen Wisconsin Troopers Association Inc
Kammer, Peter GlaxoSmithKline Inc
Kammer, Peter UST Public Affairs Inc
Keckhaver, John Wisconsin Council on Children & Families
Kerksick, Julie New Hope Project, The
Kleinschmidt, Linda Wisconsin Council on Children & Families
Kruger, Dennis Wisconsin Troopers Association Inc
Lapp, Katharine United Council of UW Students
Leary, Daniel T-Mobile
Longmire, Erin UST Public Affairs Inc
Lucht, Ken Wisconsin & Southern Railroad Co.
Lund, Daryll Community Bankers of Wisconsin
Maurer, James G SBC-Wisconsin
McGuigan, Richard Community Bankers of Wisconsin
Nekola, Katie Clean Wisconsin Inc
Norman, Jack Institute for Wisconsin's Future
O'Connor, William P Gathering Waters Conservancy, Inc.
O'Connor, William P Wisconsin Association of Lakes, Inc.
Paget, Wendy Wisconsin Council on Children & Families
Peacock, Jon Wisconsin Council on Children & Families
Perry, Casey Wisconsin Troopers Association, Inc.
Prange, Alison American Cancer Society
Radtke, Randall American Lung Association of Wisconsin Inc
Roth, Erin American Petroleum Institute
Royster, Karen Institute for Wisconsin's Future
Scheer, Derek Clean Wisconsin Inc
Selkowe, Victoria Economic Justice Institute, Inc.
Smith-Watkins, Genise American Chemistry Council
Stieve, Renee United Council of UW Students
Strohl, Joseph MBNA America N.A.
Swandby, Janet R Wisconsin Association of Home Inspectors
Swandby, Janet R Wisconsin Tourism Federation
Theo, Peter Menominee County Taxpayers Assoc.
Theo, Peter Wisconsin Dental Hygienists Assoc.
Theo, Peter Wisconsin Optometric Assoc.
Warmuth, Judith Wisconsin Hospital Association Inc (WHA)
Welch, William Fox Cities Chamber of Commerce & Industry
Welsh, Michael Orion Energy Systems
Welsh, Michael Wisconsin Cemetery Association
Williams, Lilia United Council of UW Students
Wininsky, Dona American Lung Association of Wisconsin Inc
Winn, Joseph America's Health Insurance Plans (AHIP)
Also available from the Wisconsin Ethics Board are reports identifying the amount and value of time state agencies have spent to affect legislative action and reports of expenditures for lobbying activities filed by organizations that employ lobbyists.
Sincerely,
R. Roth Judd
Executive Director
State of Wisconsin
Investment Board
January 31, 2005
The Honorable, The Senate:
I have enclosed a copy of the FY 2004 Annual Fiscal Report and Schedule of Investments for the State of Wisconsin Investment Board. The report contains Independent Auditor's Reports, prepared by the Legislative Fiscal Bureau, for the funds that we manage. They include the Fixed and Variable Funds of the Wisconsin Retirement System, the State Investment Fund and various smaller funds.
I have attached an electronic copy for you to distribute to the members of the Senate. Please contact Sandy Drew (261-0182) if anyone would prefer a hard copy of either. Thank you.
Sincerely,
David C. Mills
Executive Director
Wisconsin Council on Children & Families
February 8, 2005
The Honorable, The Legislature:
The Wisconsin Council on Children and Families recently released a new report identifying serious concerns with Refund Anticipated Loans and the impact on low-income workers, their families and local economies. We are eager to share this important information with you particularly at tax time and have attached a copy of that report for your review.
A Refund Anticipated Loan (RAL) is a short-term loan secured by a tax-filer's expected refund and aggressively marketed to low-income filers by many paid tax preparation firms. The report, written by Council research analyst John Keckhaver, focuses on the high costs of RALs for the working poor, their families and the communities where they live.
Those taking out a RAL pay an average fee of $130 in order to receive their tax refund a few days to a couple weeks early. This results in effective annualized interest rates anywhere from 70 to 700 percent, depending on the size of the refund. These costs can rise even higher if an individual is paying for tax preparation and check cashing.
S72
It is particularly troubling that of the nearly 114,000 RALs taken out in Wisconsin last year, over half were taken out by recipients of the federal Earned Income Tax Credit (EITC). As you know, Wisconsin invests in this tax credit aimed at lifting the working poor out of poverty. However, when EITC dollars are siphoned off to pay RAL fees, this very effective public investment in low-income workers is not returning what it could. Local economies are also shortchanged when federal EITC recipients' dollars are diverted to RAL fees rather than flowing into their local neighborhood businesses.
We hope yuo use the information we've provided to encourage credit unions and community banks within your legislative districts to participate in efforts to increase savings/checking accounts among low-income residents. Many EITC recipients do not have accounts into which they can have their refunds directly deposited thereby allowing them to receive the refund more quickly and making RALs less attractive. The Wisconsin Department of Revenue is currently working with the Wisconsin Credit Union League to have staff at their Volunteer Income Tax Assistance (VITA) sites where they can help low-income families open accounts.
Additionally, feel free to use this information to help increase the awareness of your constituents about the high cost and low benefits of RALs. Tax preparation storefronts are springing up in poor neighborhoods throughout the state, and RALs have become a significant source of revenue for professional tax preparers at the expense of poor families and local economies. Efforts to stem the proliferation of RALs will benefit thousands of low-income workers and the state economy.
If you have any questions, please contact John Keckhaver at 284-0580 ext 305.
Sincerely,
CHARITY ELESON
Executive Director
__________________
