How do American Taxpayers Benefit from the Multiple Peril Insurance Act?
Every taxpayer in America will benefit from the Multiple Peril Insurance Act because much more damage would be covered by insurance premiums rather than by costly and inefficient disaster assistance programs. After Katrina, the federal government spent more than $30 billion for direct housing assistance, including $16.7 in Community Development Block Grants for housing repairs, $7.5 billion for FEMA trailers and mobile homes, and $6 billion for FEMA rental assistance and home repair grants. The Small Business Administration approved $10 billion in disaster assistance loans to home and business owners. Congress also approved $8 billion in Katrina tax relief, with much of it targeted to deductions for property losses and tax incentives for rebuilding.
