Her agenda calls for a $3,000 care-giving tax credit, a 100% increase in the elderly standard tax deduction for the 11 million elderly population which files taxes and a LTC insurance tax credit, according to prnewschannel.com.
In the plan, the Democrat frontrunner for the 2008 election said she will fight insurance discrimination, triple the funding for nursing home ombudsmen, create a national background check for LTC staffers and expose inefficient nursing homes by reversing the policy of Centers for Medicare and Medicaid Services of withholding such information. The care-giving tax credit would benefit spouses and adult children who provide care for loved ones at home. There are a reported 52 million unpaid family caregivers in the United States.
"Our seniors are caught between the soaring costs of care, the desire not to be a burden to their families and the fear of hurting themselves or others because they are living without the care they need," Clinton said to a group in Winterset, Iowa.
AARP Official Applauds Plan
John Rother, Director of Policy and Strategy, American Association of Retired Persons (AARP), praised Clinton’s plan.
"Senator Clinton's long-term care initiative is both innovative and responsive to the undeniable burdens chronically ill and disabled Americans of all ages and their families face.” Rother said. “By focusing on patients, their family caregivers and the need to train and expand a high-quality work force, she’s prescribing a thoughtful solution to a problem that has gone unaddressed for far too long.”
The cost of the Clinton plan is $5 billion a year. Revenue from closing two provisions of the exiting tax code would finance the plan according to the Clinton camp. Clinton plans on closing the loophole which allows hedge fund managers to use offshore tax havens to defer paying taxes on their compensation. She also would also repeal the 2004 JOBS Act provision, which now allows U.S. corporations tax benefits from their foreign assets by the allocation of interest worldwide.