Washington, D.C. – Alaskan Congressman Don Young today supported the passage of two tax bills aimed at providing relief for countless American households and individuals living with disabilities. Both bills, H.R. 5771, the Tax Increase Prevention Act of 2014 and H.R. 647, the Achieving a Better Life Experience Act (ABLE), passed the House with overwhelming bipartisan support.
H.R. 647, the ABLE Act, works to provide families with severely disabled children the commonsense tools they need to save for long-term disability expenses. Under the current tax code, many disabled individuals and their families lack the same type of saving instruments and tax incentives that many American families enjoy for expenses like college, retirement, and other life events.
“I am a proud cosponsor of the ABLE Act, which establishes optional, tax-free savings accounts for people with disabilities,” said Congressman Young. “Under this bill, individuals and families caring for a severely disabled child can use these tax-free savings accounts to pay for expenses such as housing, career development, and medical expenses not covered by SSI or Medicaid. This commonsense approach lets families struggling to pay for their disabled loved ones keep more of their money so they can provide the care they need most, which varies in every home and every state. This is a theme you will see again and again with House Republicans; incentivizing positive fiscal behavior by offering tax cuts or tax deferred accounts for worthwhile causes.”
H.R. 5771, the Tax Increase Prevention Act of 2014, would provide a one year extension on a variety of tax deductions that expired at the end of 2013 or during the current year. This short-term extension comes following a White House veto threat on a 10-year tax extension negotiated by House Republicans and Senate Democrats.
“It was imperative that my colleagues in the House and I move quickly to pass this tax extenders package before the 2014 tax filing season begins,” said Congressman Young, “This one year extension will have a significant impact on American and Alaskan households. Once this bill is enacted, I look forward to working with my colleagues in the 114th Congress to build and pass a larger tax reform package that makes certain expiring tax provisions permanent. Americans deserve tax relief and certainty so they can make their budgets accordingly. As a fiscal conservative and Alaskan who values independence, I will continue to work to help households keep more of their hard earned paychecks because I trust they can spend it better than the federal government.”
Click here for a section by section summary of H.R. 647.
Click here for a section by section summary of H.R. 5771.
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