Dan Crenshaw: “This morning, I want to bring attention to proposed legislation known as the ABLE Act, or Achieving a Better Life…”

“This morning, I want to bring attention to proposed legislation known as the ABLE Act, or Achieving a Better Life Experience. It is something that is important to me and to a lot of Members of the House. I first filed this legislation 7 years ago. Since then, we have come a long way. Today, 377 Members of the House and 74 United States Senators are cosponsors of this legislation. There is no piece of legislation in the Congress today that enjoys more bipartisan, bicameral support than the ABLE Act. Tomorrow, the Ways and Means Committee in the House will take up this legislation, and I hope that they will pass it with a favorable vote. Just what is the ABLE Act? It is a piece of legislation that attempts to help those individuals with disabilities achieve their full potential. How does it do that? Well, it allows individuals with disabilities to set up a tax-free savings account. They take that account, it grows tax free, and they can use the proceeds, as long as they meet qualified expenses. Those individuals face challenges that you and I can sometimes hardly imagine. They might be medical, transportation, education, or housing needs. We already allow other individuals to use tax-exempt savings accounts to help them. If you want to save for retirement, you can set up a tax-free savings account called a 401(k). If you want to set up a tax-free savings account to help you go to college, you can do that through what is called a 529.…”