“I’m calling for a new caregiver tax credit that’ll put money in the pockets of Michiganders who care for an aging or sick relative.”
The plan is called the Caring for MI Family Tax Credit, and it would give $5,000 dollars to help offset costs related to caregiving expenses.
“By allowing people to write off caregiving expenses including counseling or transportation, nursing or respite services, we can save them money.”
According to a 2021 AARP survey, caregivers spend on average over $7,000 annually and, of those, 78% report having out-of-pocket expenses related to that care. It also reports that Hispanic/Latino and African American caregivers experience higher financial strain than White and Asian American caregivers. Gender disparities are large as well, with Hispanic/Latino and Asian American females experiencing a much higher financial strain than their male counterparts.
“Family members provide about $522 billion dollars in uncompensated care every year. Let’s support them by giving them a tax break so that they can take care of their loved ones.”
Although Governor Whitmer didn’t provide specifics on how the plan would be funded or who would qualify, she is expected to give a budget presentation to the state legislature on February 7th.
