$600 billion in unpaid labor: lawmakers push financial relief for nation’s caregivers

WASHINGTON (Gray DC) - According to the AARP, 48 million Americans serve as caregivers for loved ones.

They’re tasked with preparing meals, helping with medical needs, and making day-to-day life manageable for someone who can no longer do it on their own.

All that care adds up to about $600 billion dollars in unpaid labor every year.

Wednesday, lawmakers are looking to give them a helping hand.

They’re introducing the Credit for Caring Act, a bill that would provide a $5k annual federal tax credit for those saddled with caregiving costs.

“You’re not only addressing these issues from the monetary and the economic way, it’s the emotional energy that you expend every single day to make sure you’re doing the right thing,” said West Viriginia Republican Senator Shelley Moore-Capito.

AARP estimates caregivers spend more than $7,200 annually in out-of pocket costs.

45% have reported negative financial impacts, like exhausting savings, taking on debt, or slipping into poverty.

Lawmakers are hopeful the bill will pass with bipartisan support.