SENATOR DODD ANNOUNCES DISABILITY SAVINGS ACT OF 2008

Dodd Announces The Disability Savings Act Of 2008

By JESSE A. HAMILTON
Washington Bureau Chief
2:06 PM EDT, March 11, 2008
WASHINGTON

From The Hartford Courant: Sen. Christopher Dodd announced significant new legislation today that would allow families of people with disabilities to save money in tax-advantaged accounts. The Disability Savings Act of 2008 would allow savings similar to college 529 plans, so families could put aside money for care without jeopardizing their access to existing government assistance.

Dodd said it would give relief to families asking the stressful question: When we're gone, who will take care of our loved one with a disability?

The announcement, in a room of the Capitol, was before a friendly crowd, mostly from Autism Speaks, an organization founded by Connecticut residents Bob and Suzanne Wright, who have an autistic grandson.

When using money from the accounts, which would be capped at $1 million each, certain things would be tax free, including education, medical services, job training and transportation.

Dodd didn't downplay the difficulty of passing a bill during a tumultuous election year. He told the crowd that he needed an influential co-sponsor from the other side of the aisle. And he said he would need an army of supporters, to which he added: "And you're my army."

Senator Dodd's website is HERE.

Comments

[Robyne]

Well, I guess Senator Dodd's heart is in the right place, but it is obvious he does not care for a special needs child or is independently wealthy. 'Sitting aside money' is not realistic when every penny most families make must go toward paying for therapeutic treatments that medical insurance does not pay for. Families need help now to pay for the treatments these children must have so that someday, they may not have to worry about "what is going to happen when we are gone".

[Barbie Hines]

"Dodd said it would give relief to families asking the stressful question: When we're gone, who will take care of our loved one with a disability?"

While I appreciate anyone trying to help families in our position, I don't really see how this would help "when we're gone." If the money is tax free for education, medical expenses, job training and transportation...well that is such a very small part of the expense of caring for someone with special needs through their adulthood. Hopefully the scope of tax free spending will expand.

Furthermore, very few families will have the opportunity to save a million dollars while caring for a special needs individual. While this would be helpful for some, I would rather see efforts that would provide relief now.

[Richard]

Who knows what the tax rate will be when we die.I would like to see the money I have set aside for my child be able to be untaxed for certain basic needs.