Schumer wants tax-free savings accounts for the disabled

by David M. Schwartz from Newsday:
Sen. Charles Schumer called on Congress Monday to pass legislation to create savings accounts with tax breaks to benefit individuals with long-term disabilities such as Down syndrome and autism.
The Achieving a Better Life Experience Act would help family members and individuals save money to cover critical education, medical care and other costs. Schumer (D-N.Y.) said the accounts, in which up to $100,000 could be deposited, would be similar to 529 college savings plans, with tax-free earnings.
"When caring for some of the most vulnerable children, managing the huge expenses should be a top priority for everyone," Schumer said Monday at the Nassau BOCES Rosemary Kennedy School in Wantagh.
Schumer compared the proposal to other federal accounts with tax advantages. "If it's good for education, good for retirement, what about our special kids?" he said.
John Kemp, president and chief executive of the Viscardi Center, a nonprofit in Albertson that provides services to children and adults with disabilities, called the legislation "the beginning of the end of a terrible disability-poverty cycle that forces many Americans into poverty and then keeps them there."
To qualify for many government services, people with disabilities can only have $2,000 in savings and earn no more than $700 a month, he said.