Democratic Presidential candidate Hillary Clinton has announced an offsetting tax credit of $6000 in senior and disabled care costs for those that care for the elderly. This move will also allow for caregivers to accrue Social Security benefits in their own retirement.
This is in alignment with her goal of relieving some of the pressure on middle class families, especially those that are or will be caring for senior family members in the coming years.Â It would have a max value of $120 per qualifying family.
There are currently over 12 million people in the country who need long-term care and it is expected to rise up to 27 million by 2050 as the population ages.Â The Clinton campaign estimates that $470 billion is the economic value of the unpaid work of those caring for the aging.
This outlook on the middle class family taking on the stresses of every day expenses as well as caring for an elderly family member has become a strong theme of the campaign thus far for Clinton.
Taxes are turning out to be a major breaking point between the democratic candidates.Â Hillary Clinton is determined to lower taxes for the middle class and senior care expenses is at the top of her list.Â She has criticized Bernie Sanders healthcare plan, saying it would necessitate raising boxes on moderate earners.
Expect more announcement surrounding taxes in the coming weeks as the campaigns close the year with more specifics on tide turning issues.