Sen. Schumer backs legislation to create tax-free savings accounts for people with disabilities

[hrmjustin]

CORINNE LESTCH

Sen. Charles Schumer (D-N.Y.) is pushing for bipartisan legislation that would create tax-free savings accounts for individuals with long-term disabilities.

The tax-free accounts, similar to those for college and individual retirement accounts, will help people with disabilities like Down syndrome, autism and Fragile X syndrome afford medical, educational and other services to ensure their health over the long term, Schumer said Tuesday of the proposed Achieving a Better Life Experience Act (ABLE).

With these accounts, government officials would not tax the amount of interest accrued annually on deposits as they normally do. So if a family deposits $10,000 with an annual interest rate of about 3%, a quarter of the balance after 10 years – about $13,000 – normally considered taxable income would not be taken away.

http://www.nydailynews.com/blogs/dailypolitics/sen-schumer-backs-legislation-create-tax-free-savings-accounts-people-disabilities-blog-entry-1.1892925

[Turbineguy]

1. I can see just one tiny fly in the ointment.

You have to have money left over to save.

[hrmjustin]

2. Yes that is an issue.

[hrmjustin]

4. The major problem is most disabled people don't have extra money to save.

I hope this gets passed in congress.


Your idea is fgood but this Congress won't go for it. But it is worth pushing.

[hrmjustin]

5. Schumer visits Wildwood Programs to tout proposed ABLE Act

http://www.saratogian.com/government-and-politics/20140807/schumer-visits-wildwood-programs-to-tout-proposed-able-act