WASHINGTON (Reuters) - Efforts to soften the effect of tougher bankruptcy rules on families with children and close a loophole for the wealthy were rejected by the U.S. Senate on Wednesday as the legislation moved toward expected passage.
With Senate approval virtually assured after the bill cleared two key hurdles on Tuesday, backers on Wednesday rejected proposals to ease the impact of the legislation on families with children, young people below age 21 and people with below-median incomes.
They also turned down a proposal by Massachusetts Democrat Sen. Edward Kennedy to close a loophole that benefits wealthier individuals in states with unlimited homestead exemptions, such as Texas and Florida.
"Millionaire deadbeats buy a huge mansion in Florida and Texas to shield their wealth from creditors. The harsh rules of bankruptcy being established by this bill will trap hard-working middle-class families, but the unlimited homestead exemption will allow rich debtors to escape," Kennedy argued.
His amendment would have capped the amount allowed for homestead exemptions at $300,000. It was rejected 47-53.
C: And of course your senators voted a higher priority be given to credit card companies than to child support payments!
(another)... amendment would have made the means test more flexible to help families with children, by allowing larger education payments and insuring that child support payments are not diverted to creditors. It was rejected, 42-58.
If you know anyone in Iowa, the bill's main sponsor was Republican Sen. Charles Grassley, remember who NOT to vote for.
-
No comments:
Post a Comment