Senate Finance Subcommittee on Taxation and IRS Oversight Hearing
Federal Information & News Dispatch, Inc. |
This morning we convene the Finance Committee Subcommittee on Taxation and
I would like to thank Chairman Wyden and Ranking Member Hatch for the opportunity to hold this hearing and our Subcommittee Ranking Member, Senator Enzi, for joining me today. I would also like to thank Senator Burr from
Right now, the tax code provides incentives for Americans to save for important priorities, such as retirement or college, through tax-advantaged savings accounts. However, those with disabilities are not afforded the same opportunity to save for their future.
In fact, many adults with disabilities cannot save money to cover costs related to their disability without becoming ineligible for programs like
This dynamic forces individuals with disabilities to rely on their family or community, but this support is often not enough to cover their long-term needs.
Take the experience of
This situation is unacceptable, and
The ABLE Act would fix this unfair dynamic by creating tax-free savings accounts for individuals with disabilities. Specifically, it would build on the popular Section 529 college savings account program to allow families who have a loved one with a disability to similarly save tax-free for qualified disability expenses. Beneficiaries will be able to make tax-free withdrawals from their ABLE accounts to cover basic needs like education, housing, transportation and healthcare. Benefits provided through private insurance, the
The ABLE Act is an affirmation that people with disabilities have the ability to live a life full of opportunity and achievement. Today's hearing will address the need for ABLE accounts from the perspective of individuals living with disabilities, advocates, lawmakers and financial planners. Through the testimony of our witnesses, we will highlight the challenges individuals and families face planning for the future, the benefits and drawbacks of the current savings tools available, and how ABLE accounts can provide an additional tool for those in need.
It is my hope that the record we build today will pave the way to passage of the ABLE Act, which enjoys wide bipartisan support in both the
No other bill in
We want all 535 Members of
Read this original document at: http://www.finance.senate.gov/imo/media/doc/Casey%20Opening%20Statement%20ABLE%20Act%20Hearing.pdf
Copyright: | (c) 2010 Federal Information & News Dispatch, Inc. |
Wordcount: | 578 |
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