Thursday, during his weekly media call, Rep. Tom Reed said he is proud to partner with Democrats, including Senators Elizabeth Warren and Michael Bennett who are running for president, on the bipartisan and bicameral Credit for Caring Act.
The act focuses on tax credits for Americans who care for family members in the United States Tax Code, which Reed said should encourage family members to continue giving care.
Forty million Americans are caregivers to a family member, and the act could help with up to a $3,000 tax credit. And caregivers over 50 years old could lose out on about $300,000 in potential lifetime income, according to a May report from the AARP.
Reed, who represents the Greater Olean area in Congress, said that costs for families that have a member needing care can get out of control on issues separate from medical care, such as transportation, home modifications that enable disabled family members to stay and other out-of-pocket expenses, which are the ones Congressional members working on the bill hope to assist with a tax credit.
“The quality of life of the individual being cared for is improved,” he said. “The cost is reduced because most often the care is being given in a home setting instead of an institutional setting or a hospital or medical facility.”
Reed said the bipartisan action shows that the two parties can come together, and the country is best for it when they do.
“It’s the right thing to do,” he said.
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