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Will the US Implement a Caregiver Tax Credit? Experts Explain

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Millions of Americans provide unpaid care for aging or ill family members, and it's costing them. "Family caregivers spend, on average, over a quarter of their income on providing said care,"
The article from MSN Money discusses the potential introduction of a caregiver tax credit in the United States, a policy that has gained traction due to the increasing number of Americans providing unpaid care for family members. Experts highlight that while there isn't a federal caregiver tax credit currently, several states like Colorado, South Dakota, and Oregon have implemented their own versions. These credits aim to alleviate the financial burden on caregivers by offering tax relief for expenses related to caregiving. The discussion around a national caregiver tax credit has been fueled by the aging population and the economic pressures on families. Advocates argue that such a credit would not only provide financial relief but also acknowledge the societal value of caregiving. However, challenges include defining eligibility, determining the credit amount, and navigating the complexities of federal tax policy. The article also notes that while there's growing support, the implementation of a federal credit would require significant legislative action.

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[ https://www.msn.com/en-us/money/other/will-the-us-implement-a-caregiver-tax-credit-experts-explain/ar-AA1BWsdL ]