President Trump has endorsed the passage of a tax credit for family caregivers. The tax credit would be given to caregivers who take care of a parent, family member, or a loved one. The AARP estimates that 48 million Americans help care for aging family members like parents, spouses, or loved ones. They estimate that 78% have also paid out-of-pocket for care-related expenses, which can add up to around $7,200 per year. The Credit for Caring Act is a bipartisan bill that offers a tax credit of up to $5,000 annually for caregivers to help cover long-term care costs. The credit covers 30% of expenses beyond $2,000 for caregivers with over $7,500 in income and paying for long-term care for a family member. Here are three stocks that can benefit from family caregiver tax credits.
