HAVE YOU EVER BEEN A BENEFICIARY OF
A GOVERNMENT SOCIAL PROGRAM?
YES, YOU PROBABLY HAVE.
Here's what's interesting;
A huge number
of beneficiaries of
Government Social Programs Don't Even REALIZE It.
Programs Designed To Help YOU Are At Risk
529 or Coverdell (There are a number of ways to save money for your child’s education. Two of the more popular options are a Coverdell Education Savings Account (ESA) and a state-sponsored college savings plan commonly referred to as 529 plans.Both help parents and grandparents accumulate the money needed to pay for a child’s college education.)
Home Mortgage Interest
Deduction-(A home mortgage
interest deduction allows taxpayers who own their homes to reduce their taxable
income by the amount of interest paid on the loan which is secured by their
principal residence (or, sometimes, a second home).
Hope or Lifetime Learning Tax Credit - (There are two tax credits for higher education. The American Opportunity credit provides a refundable tax credit of up to $2,500 for undergraduate education. The American Opportunity Credit is scheduled to expire at the end of 2012. The Lifetime Learning Credit provides a tax credit of up to $2,000 for any level of college education (even graduate school), and doesn't require a minimum level of enrollment. However, the Lifetime Learning Credit has a narrower income range compared to the tuition deduction.)
Student Loans - (Students often take out loans to pay for college expenses. Federal Student Aid Programs are the largest source of college financial assistance, each year providing billions of dollars in funding through a variety of methods: as gift aid in the form of grants (money that does not have to be repaid) and as self-help aid in the form of work study (job earnings) and loans (money that must be paid back at interest). Interest on student loans may be deductible up to $2,500 per year. This deduction is gradually phased out as your income rises).
Child and Dependent Care Tax Credit -(The Child and Dependent Care Tax Credit provides a credit of between 20 percent and 35 percent of up to $3,000 ($6,000 for two or more children) of childcare expenses for children under age 13 whose parents work or go to school. Families with income below $15,000 qualify for the 35 percent credit. That rate falls by 1 percentage point for each additional $2,000 of income (or part thereof) until it reaches 20 percent for families with income of $43,000 or more. The credit is non-refundable—that is, it can only reduce a family’s income tax liability to zero; any additional credit is lost. As a result, low-income families who owe little or no income tax get little benefit from the credit.)
Earned Income Tax Credit - (The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- and medium-income individuals and couples, primarily for those who have qualifying children. When the credit exceeds the amount of taxes owed, it results in a tax refund to those who qualify and claim the credit. That is, this credit is refundable. This tax credit is provided, in part, to offset the burden of social security taxes and to maintain an incentive to work.)
Social Security--Retirement & Survivors - (In the United States, Social Security refers to the Old-Age, Survivors, and Disability Insurance (OASDI) federal program.Social Security, effectively an INSURANCE POLICY, is an EARNED BENEFIT. It is primarily funded through dedicated payroll taxes called Federal Insurance Contributions Act tax (FICA). Tax deposits are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which comprise the Social Security Trust Fund. Social Security is currently estimated to keep roughly 40 percent of all Americans age 65 or older out of poverty.)
Pell Grants - (One of the largest sources of grants, Pell Grants are distributed by the federal government and are designed to help students with financial need pay for college. These federal funded grants are not like loans and do not have to be repaid. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. These federally funded grants help about 5.4 million full-time and part-time college and vocational school students nationally. Pell Grants are normally $5,550 a year. Republicans in the House proposed reducing that to $4,705 a year and under their plan, about 1.7 million students who receive smaller Pell Grants would become ineligible for the program.)
Unemployment Insurance-(Social insurance benefit that protects workers against loss of income due to involuntary and temporary job loss, financed through a payroll tax paid by employers. Established as part of the Social Security Act of 1935. Administered at the state level. Benefits vary across states.)
Veterans Benefits (other than G.I.Bill) - List of Veterans Benefits
G.I. Bill - (The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.)
Medicare-(Medicare is a national social insurance program, administered by the U.S. federal government since 1965, that guarantees access to health insurance for Americans ages 65 and older and younger people with disabilities as well as people with end stage renal disease. As a social insurance program, Medicare spreads the financial risk associated with illness across society to protect everyone, and thus has a somewhat different social role from for-profit private insurers, which manage their risk portfolio to maximize profitability by denying claims. Medicare offers all enrollees a defined benefit. Hospital care is covered under Part A and outpatient medical services are covered under Part B. )
Head Start- (The Head Start Program is a program of the United States Department of Health and Human Services that provides comprehensive education, health, nutrition, and parent involvement services to low-income children and their families. Head Start is one of the longest-running programs to address systemic poverty in the United States. As of late 2005, more than 22 million pre-school aged children had participated.)
Social Security Disability - (Social Security Disability Insurance (SSD or SSDI) is a payroll tax-funded, federal insurance program of the United States government. It is managed by the Social Security Administration and is designed to provide income supplements to people who are physically restricted in their ability to be employed because of a notable disability, usually a physical disability. SSD can be supplied on either a temporary or permanent basis, usually directly correlated to whether the person's disability is temporary or permanent.)
SSI--Supplemental Security Income - (Supplemental Security Income (or SSI) is a United States government program that provides stipends to low-income people who are either aged (65 or older), blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund.)
Medicaid - (Medicaid is the United States health program for certain people and families with low incomes and resources. It is a means-tested program that is jointly funded by the state and federal governments, and is managed by the states. People served by Medicaid are U.S. citizens or legal permanent residents, including low-income adults, their children, and people with certain disabilities. Poverty alone does not necessarily qualify someone for Medicaid. Medicaid is the largest source of funding for medical and health-related services for people with limited income in the United States.)
Welfare/Public Assistance - (Welfare is the provision of a minimal level of wellbeing and social support for all citizens. In most developed countries, welfare is largely provided by the government, in addition to charities, informal social groups, religious groups, and inter-governmental organizations. In the end, this term replaces "charity" as it was known for thousands of years, being the voluntary act of providing for those who temporarily or permanently could not provide for themselves. The Welfare system in the United States began in the 1930s, during the Great Depression. After the Great Society legislation of the 1960s, people who were not elderly or disabled could receive need-based aid from the federal government. Aid could include general Welfare payments, healthcare through Medicaid, food stamps, and special payments for pregnant women and young mothers.)
Government Subsidized Housing - (Referring to rental housing which may be owned and managed by the state, by non-profit organizations, or by a combination of the two, usually with the aim of providing affordable housing. This assistance can be "project-based", subsidizing properties, or "tenant-based", which provides tenants with a voucher, accepted by some landlords.)
Food Stamps - (The United States Supplemental Nutrition Assistance Program (SNAP), historically and commonly known as the Food Stamp Program, is a federal program which supplements the food-purchasing ability of low-income households through the distribution of coupons or debit cards which can be used to purchase food for human consumption. Program acceptance is difficult to achieve. Program applicants are thoroughly investigated and must meet rigidly enforced income and assets guidelines. Funds can be used to purchase many food items including fresh fruits and vegetables, cereals, breads, dairy products, meats, fish and poultry. Recipients may not apply their benefits to the purchase of alcohol or tobacco, household goods, pet supplies, vitamins or any food that is hot at the time of sale.)