From Yahoo Finance: 2025-03-30 09:01:00

Millions of Americans are providing unpaid care for aging or ill family members, spending over a quarter of their income on this care. Lawmakers have proposed the Credit for Caring Act to provide tax relief to eligible family caregivers, offering up to $5,000 per year based on qualified expenses. However, progress on the bill has been slow.

Support for the bill is strong, with bipartisan backing, but limitations exist. While the tax credit would help, many caregivers are forced to quit jobs, needing more financial support. Navigating tax-based aid is also complex, leading to questions about the best approach to providing assistance. The bill’s future remains uncertain as lawmakers weigh costs and revenue declines.

With a growing population of unpaid caregivers and rising medical costs, experts agree on the need for a solution. The bill may face challenges in getting funded without impacting other programs or increasing the national debt. Despite complexities, the need for financial relief for family caregivers is evident in current times.



Read more at Yahoo Finance: Will the US Implement a Caregiver Tax Credit? Experts Explain