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While I am sure the above happens typically the selling of food stamps is fraud and for drug money. Although I believe it isn't so easy to sell anymore. I have had people pretend they know me and offer to pay for my groceries in exchange for cash.
I'm going to have to disagree with you here. A person with a serious addiction rarely has it together enough to even submit the paperwork to requalify for SNAP benefits, their addiction consumes most of their time. Any social worker can tell you how few ever show up to finalize their welfare application. Sure some of them sell/trade SNAP benefits but most don't even get them - and now with the 3 month limitation for adults without children even fewer will get those benefits.
The situation with people trading or selling food stamps for cash is real common with the poor, I know because I spent 15 years working with poor women with children on a volunteer basis. They might find someone with a job or even a relative who will go to the store and buy $100 worth of groceries on their EBT card and then give the recipient $50 in cash. They don't buy iphones or dope with the money, they pay their rent, and given how little cash it is that may very well mean renting someones garage or sleeping in their living room.
It was a 6% tax cut on net taxable profits.
According to Investopedia, 90% of all service and manufacturing companies with more than $700k in sales are operating under 10% net profit.
So, let's say you buy a $1000 (wholesale cost to suppliers) item from a corporation that got that tax break.
If they made a 10% net profit on it, that's $100. Their tax break on that $100 is 6%, or $6.
Would you actually know if there was a $6 break on something you actually spent $1300 at the store?
If it was a $100 item, would you know if there were a 60 cent price reduction?
How much money do you think they saved from this tax break on a $1000 item or a $100 item?
That's some crazy math there... In the first place prices have NEVER dropped because COGS is reduced, if a product or service is selling at X dollars, why decrease the price unless you think you can increase demand by doing so? So all that arithmetic doesn't mean too much- but there is data that illustrates what a joke that tax bill was and how greatly it benefited the wealthy and corporations. Working people will now face higher taxes and fees and fewer government services in order to try to pay down the trillion dollar deficit
Exxon reported a quarterly profit of $8.38 billion, up from $1.68 billion a year earlier.
Banks last year made a record $236.7 billion in profits, the Federal Deposit Insurance Corporation said on Thursday. Had the tax law not been enacted, banks still would have done well — the FDIC estimates they would have made $207.9 billion in 2018.
Amazon ended up paying an 11.4% federal income tax rate between 2011 and 2016, which is a contrast to the -1% rate this year. To top it off, Amazon actually reported a $129 million 2018 federal income tax rebate—making its tax rate -1%.
Apple’s June (2018) quarter tax rate dropped to 13.3 percent from 22.9 percent last year.
4 pharma companies saved $7 billion from GOP tax law
It fully depends if there is an asset test or not for the program. Some have no asset test, just income, so a recipient could theoretically have a fleet of BMWs. Of course most recipients have just one car if any. That type of "abuse" is rare.
The former republican governor of Maine tried this scheme with poor rural people, considering their rusty dirt bikes and snow machines as assets so they would get kicked off of assistance - he got replaced by a democrat governor.
You are not allowed to own more than one vehicle for these programs.
You are not allowed to own more than one vehicle for these programs.
Yes. I know there were some programs, perhaps still are, in some states with no asset limits for most recipients. It's a big patchwork of rules anyway.
ACA including expanded Medicaid does not check assets and so many times, people go screeching on forums that some are gaming the system, or doing something illegal when the rules are clear that there isn't an asset limit for those programs, it is income based.
Yes, it would probably not be a good plan. Like another poster mentioned, you need a car to get a job. Unfortunately, sunken costs into a car would inhibit one from selling it at a high loss. Plus, if you deem the situation to be temporary, then I don't see an issue with holding onto the car. Now if it was a long-term spout of bad luck, then it would probably make sense to sell it. However, people fall on hard times and they need the help, one shouldn't judge someone for that small snippet that they see of them in their day to day life.
I am going to assume that one who owns a BMW might have enough savings to carry them through a bad time. If not, maybe buy a cheaper car to being with.
It fully depends if there is an asset test or not for the program. Some have no asset test, just income, so a recipient could theoretically have a fleet of BMWs. Of course most recipients have just one car if any. That type of "abuse" is rare.
The former republican governor of Maine tried this scheme with poor rural people, considering their rusty dirt bikes and snow machines as assets so they would get kicked off of assistance - he got replaced by a democrat governor.
We have asset tests in Texas. You can have your house and a car. It would be nuts not to allow car to go get a job with.
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