On the recordJune 26, 2003
The purpose of it is not to eliminate the asset test. That was an earlier amendment I offered and then withdrew. Instead, it is to update the asset test, where you would still be required to demonstrate that your income was below poverty or in that range, but instead of having to demonstrate that your total combined assets were only $4,000, you would be able to show that they were less than $10,000. This also eliminates the paperwork burden that currently is imposed in most States on people who are required to itemize their assets and essentially provide a full financial statement to get the full low-income benefit. We think this is a needed update on the asset test. It will allow a lot more people to get the full benefit.
Source
govinfo.gov
