Evan Bayh: “America is aging--we are all living longer and generally healthier and more productive lives. In the next 30 years, the…”

“America is aging--we are all living longer and generally healthier and more productive lives. In the next 30 years, the number of Americans over the age of 65 will double. For most Americans this is good news. However, for some families aging comes with unique financial obstacles. More and more middle income families are forced to choose between providing educational expenses for their children, saving for their own retirement, and providing medical care for their parents and grandparents. When a loved one becomes ill and needs to be cared for nothing is more challenging then deciding how the care they need should be provided. Today, I rise to make that decision easier and to strengthen one option for long-term care--caring for a loved one at home. The bill I introduce today, the Care Assistance and Resource Enhancement Tax Credit, provides caregivers with a $3,000 tax credit for the services they provide. I am introducing this bill in order to encourage families to take care of their loved ones, make it more affordable for seniors to stay at home and receive the care they need, and save the government billions of dollars currently spent on institutional care. Through this tax credit we accomplish all that while emphasizing family values.”