asset limit reform

Act now: help public benefits recipients build wealth

The Achieving a Better Life Experience (ABLE) Act will allow people with disabilities and their families and caretakers to create a tax-exempt savings account. The money in the savings account would not be considered an asset, allowing people with disabilities and their caretakers to save for emergencies without losing access to benefits. The House Ways and Means Committee has recently voted to move the bill forward.

Bill that encourages savings for TANF recipients is sent to the Governor’s desk

A bill that removes the asset limit for Temporary Assistance for Needy Families (TANF) recipients in Illinois, making it easier for them to build savings, has passed both chambers of the General Assembly and is on its way to the Governor’s desk.

From the President: Tax-time Savings Bonds: Stay within Asset Limits to Preserve Public Benefit Eligibility

Written by Dory Rand on January 27, 2011 - 12:00am

Tax refund time is an important opportunity to build savings, particularly for low-wealth households who receive the Earned Income Tax Credit (EITC). The Earned Income Tax Credit for lower-wage workers ranged from $457 to $5,657, based on household size, in 2009. The IRS form 8888 allows tax filers to purchase savings bonds up to $5,000.

“Beyond Foreclosures” starts discussion on the wealth gap and how to address it

These are the kind of sobering statistics that experts presented to more than 100 representatives from community, research, financial, regulatory, and government groups at “Beyond Foreclosures: The Impact of the Financial Crisis on the Wealth Gap and Economic Opportunity.” Indeed, a staggering number of consumers lack sufficient access to banking services that would help them build wealth, do not have opportunities to build a positive credit history, and must resort to the costly and stigmatizing process of bankruptcy.

Disability benefits program should encourage, not penalize, savings says new proposal

Written by Tom Feltner on April 5, 2010 - 12:00am

One recent proposal, introduced by Congresswoman Tsongas (D-MA) and Congressman Petri (R-WI), promises to remove the savings disincentive.  Currently, potential SSI recipients are disqualified if they have as little as $2,000 in savings for an individual or $3,000 for a couple and are required to spend down retirement savings. The SSI Savers Act of 2010 (H.R.

Subscribe to asset limit reform