from the NDSS and Digital Journal:
Subcommittee on taxation and IRS Oversight of the US Senate Committe on Finance Will Convene a Congressional Hearing on NDSS' Top Legislative Priority, #PasstheABLEact, and NDSS Board Member Sara Wolff Set to Testify
WASHINGTON, July 21, 2014 /PRNewswire/ -- Sara Wolff, a board member and self-advocate from the National Down Syndrome Society (NDSS), will testify before the Subcommittee on Taxation and IRS Oversight of the US Senate Committee on Finance on the Achieving a Better Life Experience (ABLE) Act (S. 313/H.R. 647). The hearing, "Saving for an Uncertain Future: How the ABLE Act can Help People with Disabilities and their Families", will take place on Wednesday, July 23, 2014, at 10 a.m., in 215 Dirksen Senate Office Building.
Wolff is a 31-year-old young woman with Down syndrome from Moscow, Pennsylvania, and has been a board member of NDSS since 2007. Earlier this year, Wolff authored a change.org petition calling on members of Congress to pass the ABLE Act in the 113th Congress. Wolff's petition has earned the support of over 250,000 people around the country.
In addition to Wolff, the Congressional panel will also include Congresswoman Cathy McMorris Rodgers, Member of Congress (R-Washington), U.S. House of Representatives, Spokane, Washington and mother to Cole, who happens to have Down syndrome; Robert D'Amelio, Parent and Advocate, Autism Speaks, Charlotte, North Carolina; and Chase Alston Phillips, Financial Advisor, Alexandria, Virginia.
"Just because I have Down syndrome, that shouldn't hold me back from achieving my full potential in life," Sara Wolff said. "I can work a full-time job, be a productive member of society, and pay taxes – but because of these outdated laws placed on individuals with disabilities, we hold people like me back in life. It's time that Congress act and pass the ABLE Act."
Showing posts with label financial independence. Show all posts
Showing posts with label financial independence. Show all posts
Monday, July 21, 2014
Friday, March 7, 2014
How the proposed ABLE Act will help parents of children with disabilities
by Mari-jane Williams from The Washington Post:
Last week several hundred disability rights advocates were on Capitol Hill to support the Achieving a Better Life Experience Act. The current version of the bill was introduced in February 2013 and would allow individuals with disabilities or their families to open a tax-sheltered savings account to pay for certain long-term expenses.
Sara Wolff, a woman with Down Syndrome who has collected more than 200,000 signatures on Change.org in favor of the ABLE Act, was on Capitol Hill on Feb. 27 to rally support for the bill.
The accounts would be similar to the current 529 program that allows families to save for college education, and would be called 529A accounts, said Sara Hart Weir, the vice president of advocacy for the National Down Syndrome Society.
I spoke with Weir by phone this week about the ABLE Act. Here are edited excerpts from that conversation.
What would the ABLE Act do?
It’s basically amending Section 529 of the tax code to create a specific account for people with disabilities. In order to qualify for a lot of services, folks can only save $2,000 in assets and earn $700 a month. That’s way below the poverty line. The current law dates to 1974, and it was a way to qualify for Medicaid
Tuesday, February 25, 2014
ABLE Act Would Allow Families to Prepare for the Future
by Laurel Joss from Autism Daily Newscast:
Caring for a loved one with autism is expensive. The expenses of raising a child with autism can include medical care, therapies, and respite care, but they do not end there. When children with autism grow up, they still have needs, including housing, utilities, and for many, around-the-clock supervision.
A recent survey by Autism Speaks of over 10,000 people from various socioeconomic and ethnic backgrounds in the United States found that only one out of four families were saving money for their child’s future needs. This statistic is frightening, considering the sheer numbers of children who will be ageing out of the school system in the next decade.
The Achieving A Better Life Experience Act (ABLE Act – S.313/H.R. 647) would allow families in the United States to open tax-free accounts similar to college savings accounts, health savings accounts, and individual retirement accounts in order to provide for their child’s future needs. Funds could be used for qualified expenses, including medical and dental care, education, housing, transportation, and job training programs. The ABLE Act also includes Medicaid fraud protection and a Medicaid pay-back provision when the beneficiary passes away.
Money saved through an ABLE account would not count against an individual’s eligibility for federal benefits, allowing individuals with disabilities to earn an income and save money towards their future without losing the benefits necessary for daily living.
Canada currently offers a similar program using Registered Disability Savings Plans (RDSP).
Monday, February 24, 2014
Congress Eyeing Tax-Free Disability Savings Accounts
by Michelle Diament from Disability Scoop:
With significant public backing and support in Congress, advocates say federal lawmakers are poised to consider a major change to the money-saving abilities of those with disabilities.
Just one hurdle remains before Congress is expected to take up the Achieving a Better Life Experience, or ABLE, Act.
The bill — which has lingered since at least 2009 — would establish special accounts to allow people with disabilities to save up to $100,000 without risking their eligibility for benefits like Social Security. What’s more, under the plan, individuals could retain Medicaid no matter how much is deposited.
But before Congress can move forward, lawmakers are waiting for the Congressional Budget Office to weigh in with an estimate of what the bill would cost the government if it’s implemented. Once that figure is released — which could happen any day now — Congress is expected to act swiftly with advocates hoping for a floor vote in early spring.
“The ABLE Act is a must-pass piece of legislation for this Congress,” said U.S. Rep. Cathy McMorris Rodgers, R-Wash., who is a member of the House leadership and a co-sponsor of the bill, in a statement to Disability Scoop.
Modeled after the popular 529 college savings plans, the ABLE Act would allow individuals with disabilities to open a special account at any financial institution to pay for education, health care, transportation, housing and other expenses. Interest earned on savings within the accounts would be tax-free.
With significant public backing and support in Congress, advocates say federal lawmakers are poised to consider a major change to the money-saving abilities of those with disabilities.
Just one hurdle remains before Congress is expected to take up the Achieving a Better Life Experience, or ABLE, Act.
The bill — which has lingered since at least 2009 — would establish special accounts to allow people with disabilities to save up to $100,000 without risking their eligibility for benefits like Social Security. What’s more, under the plan, individuals could retain Medicaid no matter how much is deposited.
But before Congress can move forward, lawmakers are waiting for the Congressional Budget Office to weigh in with an estimate of what the bill would cost the government if it’s implemented. Once that figure is released — which could happen any day now — Congress is expected to act swiftly with advocates hoping for a floor vote in early spring.
“The ABLE Act is a must-pass piece of legislation for this Congress,” said U.S. Rep. Cathy McMorris Rodgers, R-Wash., who is a member of the House leadership and a co-sponsor of the bill, in a statement to Disability Scoop.
Modeled after the popular 529 college savings plans, the ABLE Act would allow individuals with disabilities to open a special account at any financial institution to pay for education, health care, transportation, housing and other expenses. Interest earned on savings within the accounts would be tax-free.
Saturday, December 21, 2013
Support for ABLE Act Continues to Grow
from PennsNews.com:
WASHINGTON, D.C. – Today, support continued to grow for the Achieving a Better Life Experience Act (ABLE Act – S. 313/H.R. 647), introduced by U.S. Senators Bob Casey (D-PA) and Richard Burr (R-NC), bringing the total number of co-sponsors in the Senate to 60 members. Introduced in the 113th Congress in February, this bill would provide an improved quality of life for individuals with disabilities through tax-free savings accounts.
“This is a significant step forward for the ABLE Act and for the families of children with disabilities,” Senator Casey said. “Now that this bill has 60 cosponsors, I’m urging the Senate to take action on it in the new year. The fact that only 6 bills in all of Congress have this many cosponsors is a sign of the overwhelming support for this effort to make a major difference in the lives of these families.”
“The ABLE Act is a commonsense piece of legislation that allows families of disabled children to have the same access to tax preferred savings accounts as the parents of college-bound kids,” Senator Burr said. “I am very excited that we now have 60 Senators on board and can hopefully expect swift movement on the Senate floor to send this bill to the President.”
The legislation would amend Section 529 of the Internal Revenue Service Code to 1986 to allow use of tax-free savings accounts for individuals with disabilities. The bill, first introduced in 2006, would ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, medical, and transportation. The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources.
WASHINGTON, D.C. – Today, support continued to grow for the Achieving a Better Life Experience Act (ABLE Act – S. 313/H.R. 647), introduced by U.S. Senators Bob Casey (D-PA) and Richard Burr (R-NC), bringing the total number of co-sponsors in the Senate to 60 members. Introduced in the 113th Congress in February, this bill would provide an improved quality of life for individuals with disabilities through tax-free savings accounts.
“This is a significant step forward for the ABLE Act and for the families of children with disabilities,” Senator Casey said. “Now that this bill has 60 cosponsors, I’m urging the Senate to take action on it in the new year. The fact that only 6 bills in all of Congress have this many cosponsors is a sign of the overwhelming support for this effort to make a major difference in the lives of these families.”
“The ABLE Act is a commonsense piece of legislation that allows families of disabled children to have the same access to tax preferred savings accounts as the parents of college-bound kids,” Senator Burr said. “I am very excited that we now have 60 Senators on board and can hopefully expect swift movement on the Senate floor to send this bill to the President.”
The legislation would amend Section 529 of the Internal Revenue Service Code to 1986 to allow use of tax-free savings accounts for individuals with disabilities. The bill, first introduced in 2006, would ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, medical, and transportation. The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources.
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