Federal law limits assets of food stamp recipients to $2,250 or $3,250, but 34 states have used loopholes to waive the asset test altogether. By restoring asset testing to the federal baseline, taxpayers would save more than $7 billion nationally. With no asset test, even millionaires can receive food stamps.
Counts: Cash, bank deposits, stocks, bonds, other liquid assets
Exempt: Home equity, one or more vehicles*, household or personal goods, life insurance, pension funds or retirement accounts, education savings accounts.
*all states exempt at least one vehicle, most states exempt all