Millionaire still eligible for foodstamps

Quote from LeeD:

Haha, close enough!

With all the aid available savers indeed end up footing the bill. Say, whether parents can pay for the colledge (or are eligible for grants) is determenined on the basis of their assets, not (past) income. So, those who spend it all may actually feel pretty secure.

On the topic of the Opening Post. People often get wealthy by pure luck... but they remain wealthy because they don't throw money away. This includes making full use of any aid available from the government and local authorities. So, getting food stamps fits the stereotype of a wealthy person very well.

not quite true when it comes to colleges in the US. it is a mix of asset and income test.

harvard university has a straight forward formula. below $60,000 family income it is zero tuition. between $120,000 and $180,000 it is ten per cent of the income. it is very fair in my opinion.
 
Quote from Debaser82:

The IMF has no say in national unemployment policy. :p

sure it does. its boneheaded conditions when making loans to countries have kept countries in the abyss much longer than necessary.
 
Quote from zdreg:

harvard university has a straight forward formula. below $60,000 family income it is zero tuition. between $120,000 and $180,000 it is ten per cent of the income. it is very fair in my opinion.

Same goes for Yale, but only if you're a renter and don't have cash or other assets. Otherwise, even if you make less than $60K, you're going to be paying 20% or more. Also, your kid will be assigned on on-campus job that will be paid $1,500 and will be applied to the tuition.

But, if you own a house and have other assets you're going to be paying well over half the cost and closer to 70% once your income goes above $150.
 
Isn't he really just getting some of his taxes back?

He won 2 mil in the lottery, probably had to pay 1 mil in taxes.

So he's really just getting some of his taxes back via food stamps.
 
Quote from TulsaTrader:

Isn't he really just getting some of his taxes back?

He won 2 mil in the lottery, probably had to pay 1 mil in taxes.

So he's really just getting some of his taxes back via food stamps.

Sounds like he was getting his taxes back way before he paid them.
 
Quote from olias:

They are trying to fix the loophole in the rules that allows for this

They're trying?

Our government tends to make all kinds of plans but fails to deliver.
 
Quote from peilthetraveler:

http://news.yahoo.com/s/yblog_local...r-defends-use-of-food-stamps#mwpphu-container


A guy from Michigan wins 2 million dollars in the lottery and continues to collect food stamps. Apparently, lottery winnings are considered liquid assets and do not count towards gross income, so as long as his income doesnt change, he can be a millionaire and still get food stamps.

This would be true in California if he has anyone in his household under 18. No amount of assets, liquid or otherwise would disqualify a household with an under-18 member from getting food stamps so long as it is income eligible.

Without an under-18 member, no adult gets food stamps in California until his/her liquid assets is below $2000, this is so even if the applicant has no income. IRA is classified as liquid asset in California, 401k is not considered liquid. Crazy rules here.

Here is a comment form an Indiana woman: I live in Indiana as a single mother of 2 kids. I have tried 3 times to get any sort of assistance and have been turned down because they add my measley $43 a week and add it to income and it puts me over by about $80. And we arent allowed to have any more than $2000 in the bank. I dont understand how he can get help with $2 million in the bank. How disgusting!
 
If all the republicans that have a hard-on for everyone receiving social security and are on medicare would NOT take those checks and get on medicare, think how nice it would be to save 50% of the costs and we would not have to listen to them bitch all the time.

How many republicans send the checks back? :p
 
Quote from zdreg:

why shouldn't they? that is what unemployments checks are for.

No, UE checks are to help people pay high priority bills and buy necessities to survive between jobs. I doubt housewives of rich doctors would starve or lose their house without their UE money. On the other hand do you have any idea how many loans for houses, cars, etc. would have really been defaulted on without UE? UE helps to prevent a lot of extra problems in our economy when people lose jobs but unfortunately in it's current incarnation there is way too much abuse. It does need an overhaul.
 
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