CNN
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In his newest focused tax reduction promise, former President Donald Trump stated Sunday that he’d push for a tax credit score for household caregivers.
“I’m saying a brand new coverage at the moment that I’ll assist a tax credit score for household caregivers who maintain a father or mother or a liked one,” Trump stated throughout his rally at Madison Sq. Backyard in New York Metropolis. “It’s about time that they had been acknowledged, proper? They add a lot to our nation and are by no means spoken of, ever, ever, ever, however they’re going to be spoken of now.”
With simply days left on this yr’s election season, the previous president didn’t present any particulars concerning the credit score – together with who could be eligible, how massive it could be and whether or not the associated fee could be lined. His marketing campaign didn’t instantly reply to a request for extra data.
Trump’s proposal, which targets an typically financially careworn section of Individuals who’re usually juggling careers, kids and getting older mother and father, comes just a few weeks after Vice President Kamala Harris unveiled a measure to have Medicare cowl house well being care for the primary time to offer reduction for the so-called sandwich era.
Each campaigns have sought the label of being “household pleasant” as they woo voters combating cost-of-living will increase. Trump’s working mate, Ohio Sen. JD Vance, has stated federal little one care help measures also needs to assist members of the family and casual caregivers, along with aiding little one care facilities.
Additionally, in a bit on caring for the aged, the 2024 Republican Celebration platform requires supporting “unpaid Household Caregivers by means of Tax Credit and diminished purple tape,” in addition to shifting “assets again to at-home Senior Care.”
The caregiving tax credit score is the newest in a collection of focused tax reduction measures Trump has unveiled throughout the marketing campaign. He has additionally promised to eradicate taxes on ideas, Social Safety advantages and additional time pay, in addition to to make curiosity on automotive loans absolutely tax deductible.
Greater than 48 million Individuals are caregivers to folks, spouses and different family members, offering about $600 billion in unpaid care yearly, based on the AARP. Caregivers typically help with getting ready meals, paying payments and conducting actions of every day dwelling, in addition to with arranging medical care and drugs.
Household caregivers shell out greater than $7,200 yearly, on common, to look after family members, AARP analysis has discovered.
Offering a tax credit score to caregivers isn’t a brand new concept. Earlier this yr, a bipartisan group of lawmakers reintroduced the Credit score for Caring Act, which would supply as much as a $5,000 credit score for eligible working household caregivers. It will assist offset the price of house aides, grownup day companies, house modifications, assistive expertise, transportation and different wants.
The vp’s proposal requires Medicare enrollees to be independently evaluated to find out whether or not they can not deal with actions of every day dwelling, resembling bathing, consuming or going to the lavatory, based on a truth sheet issued by the Harris marketing campaign. The overwhelming majority of seniors may proceed dwelling at house with a median of 20 hours or much less per week of care supplied by an aide, the very fact sheet stated.
Medicare would supply protection for these with modest incomes, whereas seniors with increased incomes would share in the associated fee, based on the marketing campaign.
Masking house well being care, nonetheless, might be very costly. One current estimate from the Brookings Establishment for a “very-conservatively designed” program, which might cowl these unable to carry out two actions of every day dwelling and would require enrollees to share a part of the associated fee, would have a price ticket of about $40 billion a yr. The Harris marketing campaign cited the Brookings analysis as a constructing block for the vp’s proposal.
To cowl the associated fee, Harris stated she would broaden Medicare drug value negotiations. Growing drug reductions from producers, implementing worldwide tax reform and different measures would additionally assist pay for this system.
CNN’s Kate Sullivan contributed to this report.
