Earlier this month U.S. Reps. Jaime Herrera Beutler, R-Battle Ground, and Katie Porter, D-California, reintroduced the Family Savings for Kids and Seniors Act. According to a news release, the act will more than double what families can set aside pre-tax in Dependent Care Flexible Spending Accounts (FSAs) to pay for preschool, summer day camp, before or after school programs and child or adult daycare.
"As working families continue to weather the COVID-19 pandemic, it’s clear they will need every available tool at their disposal to help care for their children and aging parents," Herrera Beutler said in the release. "I’m proud to again help lead this solution allowing folks to double the amount of pre-tax money they can set aside for child care, after school programs, and dependent care. I’m committed to fighting for solutions in Congress that allow Southwest Washington families to keep more of their money in their pockets and get through this challenging time."
According to the release, since 1986 families have been able to put up to $5,000 of pre-tax income into Dependent Care Flexible Spending Accounts, but this limit has not been changed for 35 years. The Family Savings for Kids and Seniors Act would adjust the limit to account for inflation.
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