Statistics tell us that 75 percent of caregivers spend about $7,000 annually on caregiving costs. This, of course, aids the loved one in staying independent. However, it is also a serious drain on the donors.
Currently a quartet of legislators, U.S. Sen. Joni Ernst of Iowa and U.S. Sen. Michael Bennet of Colorado, plus U.S. Rep. Tom Reed of New York and U.S. Rep. Linda Sánchez of California, have introduced the Credit For Caring Act to help caregivers. It would give a federal tax credit up to $3,000 to help those who financially assist their loved ones.
If, and when, the legislation passes Congress, caregivers will get some truly important help for their selfless pursuits. That surely is a good thing!
The AARP (American Association of Retired Persons) is forcefully behind the proposed legislation. They suggest calling your local legislators to get on board. I couldn’t agree more!