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Considering the sustained rise of healthcarecosts, this is only sure to increase.
Experts say thecredit could offer meaningful support but its future is far from certain.
What Is the Credit for Caring Act?
The proposal would give caregivers a financial break on out-of-pocket expenses.
So if someone has expenses of $2,000 or less, no credit.
The taxpayer claiming the credit must have earned income above $7,500.
Nellen also notes that the credit is intended for middle to low-income individuals who pay these expenses.
Lucado also sees wider economic benefits.
Workplace productivity losses could decrease when employees balance their work responsibilities with caregiving tasks.
Palomarez agrees the credit could improve care quality, too.
What Could Hold It Back
Support for the bill is strong, but progress has been slow.
Even if the bill becomes law, experts point out its limitations.
While a tax credit of up to $5,000 would be a helpful sum, said Alajian.
So, it would be far from the amount needed to compensate for leaving a career.
Nellen raises another concern: The difficulty of navigating tax-based aid.
So, Will It Pass?
The bills future is still unclear.
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