Interesting new law passed.

[LdiJ]

What is the name of your state (only U.S. law)? Federal issue

An interesting new law has passed that will greatly impact people (to their benefit) who are on SSI.

http://howardgleckman.com/2014/12/tax-free-able-accounts-financial-solution-people-disabilities/

 

[FlyingRon]

Alas, the law has NOT passed. It cleared the House and is stuck in the Senate Finance committee where it will likely stay until the end of the session and die.

 

[LdiJ]

Alas, the law has NOT passed. It cleared the House and is stuck in the Senate Finance committee where it will likely stay until the end of the session and die.

I just read that it did pass...shoot, now I will have to go find that again.

Here is the link...it passed the Senate last night.

http://money.cnn.com/2014/12/16/pf/taxes/tax-breaks-passed/index.html?hpt=hp_t2

 

[Onderzoek]

What is the name of your state (only U.S. law)? Federal issue

An interesting new law has passed that will greatly impact people (to their benefit) who are on SSI.

http://howardgleckman.com/2014/12/tax-free-able-accounts-financial-solution-people-disabilities/

It will help SSI recipients who were found to be disabled before the age of 26 because of severe functional limitations have a better life than all the other SSI recipients because their families can now "gift" them up to $14,000 a year without any fear of losing their public assistance benefits. These SSI recipients will be able to live in a better neighborhood, be able to take nice vacations, be able to make purchases other than at the thrift or dollar stores.

My guess (purely speculative - no hard data to back me up) is that it will help maybe 1% or 2% of the SSI population since most do not have families who have the means to give them money.

So it is a great benefit to those few SSI recipients. They can live middle class and not give up their government provided benefits that is supposed to keep them from starving and being homeless. Their families don't have to visit them in the ghetto. Who wouldn't want that for themselves?

It is feel good legislation for Congress. Nothing that impacts the majority. And then there will be all those who find it unfair that THEY don't get money from THEIR families because their date of onset is after age 26 or they don't have the correct diagnosis code.