Right Wisconsin:
A bill that would allow the disabled to open tax-free savings accounts to pay for qualified disability expenses passed the U.S. House of Representatives on a vote of 404-17 last week. Despite the bill’s overwhelming bipartisan support, Wisconsin’s own Rep. Gwen Moore and Rep. Mark Pocan, both Democrats, joined just 15 other members in voting against helping those who are disabled make ends meet. The vote was completely ignored by Wisconsin media.
If you had any doubt of how far out in Left Field these two representatives are, now you for sure know.
Right Wisconsin:
According to the Associated Press, the ABLE Act:Modeled after tax-free college savings accounts, the bill would amend the federal tax code to allow states to establish the program. To qualify, a person would have to be diagnosed by age 26 with a disability that results in “marked and severe functional limitations”; those who are already receiving Social Security disability benefits would also qualify. Families then would be able to set up tax-free accounts at financial institutions, depositing up to $14,000 annually to pay for long-term needs such as education, transportation and health care.The contributions would be in after-tax dollars but earnings would grow tax-free.The ABLE accounts would be able to accrue up to $100,000 in savings without the person losing eligibility for government aid such as Social Security; currently, the asset limit is $2,000. Medicaid coverage would continue no matter how much money is deposited in the accounts.
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