Report: Hurricane tax aid does more for wealthier survivors

The Congressional Research Service, an office that provides nonpartisan legislative analysis to lawmakers, pointed to several items in virtually identical bills that passed in the House and Senate last week.
One helps hurricane victims get access to their savings by waiving penalties imposed on taxpayers who tap into their retirement savings accounts before retirement. Others let taxpayers write off more of their destroyed property, and erase taxes regularly imposed when a debt, like a mortgage, is forgiven.
The report says lower income survivors are less likely to have retirement accounts like 401(k)s and IRAs to tap into for recovery. Because many lower income individuals and families pay little tax, assistance efforts that lower their taxes may do little good, the report said.
However, the same tax bills also include tax assistance specifically for lower income families that help the working poor hang onto their income tax credits, which can be disrupted by unemployment or family separation.