Ending Unemployment Payments to Jobless Millionaires Act of 2023

Hozzl · 2024-01-25T19:45:18Z

Explore the details of Senate Bill 3523 Ending Unemployment Payments to Jobless Millionaires Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

1/25/2024, 7:45 PM

Summary of Bill S 3523

Bill 118 s 3523, also known as the Ending Unemployment Payments to Jobless Millionaires Act of 2023, aims to prevent individuals with a high net worth from receiving unemployment benefits. The bill specifically targets individuals who have a net worth of over one million dollars and are currently unemployed.

The rationale behind this bill is to ensure that unemployment benefits are directed towards those who are truly in need of financial assistance during times of job loss. Supporters of the bill argue that it is unfair for wealthy individuals to receive unemployment benefits when they have the financial means to support themselves without government assistance.

If passed, the Ending Unemployment Payments to Jobless Millionaires Act of 2023 would establish stricter eligibility criteria for unemployment benefits, including a means test based on an individual's net worth. This means that individuals with a net worth of over one million dollars would no longer be eligible to receive unemployment benefits. Opponents of the bill argue that it unfairly targets wealthy individuals and could potentially discourage entrepreneurship and risk-taking among high-income earners. They also raise concerns about the administrative burden of implementing a means test based on net worth. Overall, the Ending Unemployment Payments to Jobless Millionaires Act of 2023 is a controversial piece of legislation that seeks to address the issue of wealthy individuals receiving unemployment benefits. Its impact, if passed, remains to be seen.

Congressional Summary of S 3523

Ending Unemployment Payments to Jobless Millionaires Act of 2023

This bill prohibits federal funds from being used to pay unemployment compensation to an individual whose adjusted gross income is equal to or greater than $1 million. The prohibition applies to payments under traditional unemployment compensation and the Extended Benefits program (i.e., benefits paid under the Federal-State Extended Unemployment Compensation Act of 1970).

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Current Status of Bill S 3523

Bill S 3523 is currently in the status of Bill Introduced since December 14, 2023. Bill S 3523 was introduced during Congress 118 and was introduced to the Senate on December 14, 2023. Bill S 3523's most recent activity was Read twice and referred to the Committee on Finance. as of December 14, 2023

Bipartisan Support of Bill S 3523

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3523

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 3523

Ending Unemployment Payments to Jobless Millionaires Act of 2023Ending Unemployment Payments to Jobless Millionaires Act of 2023A bill to end unemployment payments to jobless millionaires.

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