As part of its work with the Consortium for Citizens with Disabilities, ANCOR joined 67 other organizations in a letter of support for the Credit for Care Act. Because supporting family caregivers will help relieve demand on the direct support professional workforce, which is facing a long-running recruitment and retention crisis, we encourage our members to amplify our social media on this legislation. Please quote-retweet the tweets on our @TheRealANCOR account and tag your members of Congress. Please also share this infographic and fact sheet online.
As explained in the letter: “Family caregivers are the backbone of services and supports in this country. They help make it possible for older adults, people with disabilities, and veterans to live independently in their homes and communities. The physical, emotional, and financial challenges they face in their caregiving roles cannot be overstated and, for many, the challenges have increased with COVID19.
There is also a significant economic impact as family caregivers provide about $470 billion annually in unpaid care to their loved ones. They face out-of-pocket expenses to assist their loved ones as well as potential income and retirement savings foregone. An AARP report found that family caregivers spend, on average, nearly 20 percent of their income on caregiving expenses or nearly $7,000 annually. Their assistance helps save taxpayer dollars by helping to delay or prevent more costly nursing home care and unnecessary hospital stays.
The Credit for Caring Act would create a new, non-refundable federal tax credit of up to $5,000 for eligible working family caregivers to help address the financial challenges of caregiving. Eligible working family caregivers caring for loved ones of all ages could receive the credit if the care recipient meets certain functional or cognitive limitations or other requirements. This tax credit would help family caregivers who care for non-dependents or who do not live with the person they are assisting.”
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