The subsidy provides an income tax credit of two cents per kilowatt hour for electricity produced by windmills.
As the table below demonstrates, those who qualify for the low-income subsidy pay very little for their prescription drugs.
"Twenty-eight percent of low-income subsidy recipients are currently in plans that are free to them, but will not be free to them if they stay in that plan in 2008, " says Kevin Prindiville of the National Senior Citizen's Law Center.
They prefer to focus on the first stage of his plan, which is more concrete: If elected, Bush says he would immediately push through a four-year program to provide a prescription drug subsidy for low-income seniors and the disabled until the larger reforms are in place.
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If even after we've driven premiums down because of increased competition and choice, you still can't afford it, we're going to give you a subsidy, depending on your income.
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The typical program structure ties premium costs for the enrollee to income as a percentage of the poverty level, which, in effect, creates a sliding subsidy scale offering more support to low income individuals.
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But last year, thanks to an economic slowdown, this income, really a disguised subsidy, fell by almost two-thirds.
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The new law would remove the income cap for repayment and would require any taxpayer who receives more subsidy than he or she is entitled to receive to repay the credit, irrespective of income.
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In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the Earned Income Tax Credit (a direct subsidy to people for being poor).
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If an applicant understates his income and receives a larger health-insurance subsidy than he is eligible for, the money must be paid back.
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The subsidy usually cited here is the one for low-income housing.
"We've been looking at various ways to boost the estate's income which would allow us to reduce the subsidy such as putting up marquees for weddings, but it's still a work in progress, " he said.
This suggests that a new retirement subsidy focused so heavily (and so generously) on lower-income families may be the most effective way to encourage more new saving.
The special provisions under which this subsidy apparatus functions take a variety of forms, covering exclusions from income, exemptions, deductions, credits against tax, preferential rates of tax, and deferrals of tax.
The problem is ultimately traceable back to the tax subsidy--the exclusion of the value of health coverage from taxable income for both payroll and income taxes.
But there would be a government subsidy of up to DM400 a year to tempt low- and middle-income earners.
Any remaining subsidy programs for housing should be smaller, better focused on low- and moderate-income households, on-budget (lodged in FHA), and transparent.
Such changes would shift the subsidy to people with low- and moderate-incomes who buy in low- and moderate-income neighborhoods.
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