2016 Postmortem
Related: About this forumHillary Clinton to propose tax credit for caregivers
Clinton, Iowa (CNN)Hillary Clinton will use a town hall in Iowa on Sunday to pitch a tax credit for up to $6,000 in expenses that fall on families "paying for, coordinating, or providing care for aging or disabled family members," according to a campaign aide.
The tax credit is be aimed at helping families off set the costs that come with caregiving, according to a fact sheet on the proposal, and the 2016 candidate will also propose spending more on the issue than President Barack Obama has committed.
"She will call for the creation of a new tax credit for middle-class families who care for ailing parents and grandparents," the aide said about Clinton's event in Clinton, Iowa. "The credit would help family members offset up to $6,000 in caregiving costs for their elderly family members."
A fact sheet provided to reporters said, "As president, Clinton will go beyond President Obama's Caregiver Respite budget request -- investing $100 million in the initiative over 10 years."
http://www.cnn.com/2015/11/22/politics/hillary-clinton-tax-break-caregivers/
Thinkingabout
(30,058 posts)Know where to turn and care giving is not free. Any assistance is appreciated.
HeiressofBickworth
(2,682 posts)First, you have to incur the expense in order to itemize it for reimbursement. Not easy to do if you are earning barely enough to live on before you have to take on the responsibility of elderly family members. Waiting a year for a tax credit isn't helpful.
Next, if you are already in an income bracket so low you are paying less than $6,000 a year or no taxes at all there is absolutely no benefit at all.
So, ONCE AGAIN, this appears to be a tax benefit only for the wealthy. No thanks. To be actually useful to the middle-class (or others), I'd rather see subsidized care -- you know, paid directly to the provider, such as visiting nurses, medical equipment, medications, and the like.
RandySF
(58,928 posts)That hits everyone as soon as they get their paycheck?
HeiressofBickworth
(2,682 posts)Preferred method would be to lift the cap on Social Security and Medicare -- currently only the first $118,500 salary is taxable. If one makes a million or more a year, only the first $118,500 is taxable. Then, social security, medicare and SS disability would have sufficient funds to pay for care-giving or elder care without substantially increasing payroll taxes on salaries below $118,500/year.
MeNMyVolt
(1,095 posts)Just the SS credits alone are reason to fight for it. Not sure if the tax credit is refundable or not, but even if it's not, it will help a lot of people now, and a boatload of people later.
M'OM has something similar on the SS credit side. I say bully for both of them!
NurseJackie
(42,862 posts)MeNMyVolt
(1,095 posts)Though it saddens me. This is an important proposal, not a damn football. And M'OM also has a good one on the SS credits side, similar to HRC's. I just don't understand. The SS credit thing has been talked about for years in progressive circles. Why the sneering now?
RandySF
(58,928 posts)LiberalArkie
(15,719 posts)standard deduction and then if you still owe taxes, very seldom unless wealthy, then you apply the tax credit. When I was working I was never able to apply a credit because I always got a refund back.
VMA131Marine
(4,140 posts)Lots of tax credits are refundable e.g. the earned income tax credit and the child tax credit so you get the full amount even if your tax bill was less than the value of the credits. The electric and hybrid vehicle tax credit is refundable too.
LiberalArkie
(15,719 posts)that I am on Security Security I don't make enough to file taxes.