Caregiver tax break: Clinton Caregiver Tax Break
Published: November 23, 2015
Caregiver tax break: Clinton Caregiver Tax Break, Democratic presidential candidate Hillary Clinton is proposing a new tax break for those caring for elderly or disabled family members.
At a campaign event in Iowa today, she will outline a plan to offer a $6,000 tax credit toward costs associated with providing long-term care to aging parents and grandparents, a campaign aide said.
She will also propose expanding Social Security benefits for caregivers, saying many see their benefits reduced when they must take time off from work to care for ailing relatives. That’s because Social Security benefits are based on their top 35 years of annual earnings. The plan would provide a credit toward the benefits for caregivers who are out of the workforce.
“As baby boomers age, more and more families will need to provide care for or will need care from loved ones,” her campaign said. “Many family members, most often spouses and adult daughters, spend time out of the workforce, cut back on hours, or use personal days, vacation, and family time to provide needed care.”
Another element of the plan would expand respite care, which provides substitute health care when the main caregiver needs a break from his or her duties. Clinton wants to invest $100 million in the initiative over 10 years. She also said she would launch a program to improve the wages of professional child care and health care workers.
The entire plan would cost $10 billion over a decade, the campaign estimates. It would not add to the debt, the campaign said, because it would be financed with payfors Clinton has previously proposed.
It is the latest in a series of narrowly targeted tax breaks Clinton has proposed, and comes as she battles rival Bernie Sanders over whether any taxes on the middle class should be increased.
Clinton has criticized Sanders for proposing a 0.2 percent increase in payroll taxes that would be paid by workers across the income spectrum. Sanders wants to use the money that would raise to finance his plan to guarantee three months paid leave for new parents.
Clinton has also proposed creating a new, refundable $5,000 credit for out-of-pocket health costs as well as a new credit for businesses that create apprenticeships. Her campaign has said she will offer additional middle-class tax breaks in the coming months.
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