Obama cites elder care in tax break proposal

The cost of caring for aging parents can give workers a sense that working isn’t worth it. according to the summary.

The proposal would create a new, simple second earner credit of up to $500 — 5 percent of the first $10,000 of earnings for the lower-earning spouse in a married couple. The maximum credit would be available to families with incomes up to $120,000

The administration included the proposal alongside a variety of other tax credits aimed at working families, an increase in the capital gains tax rate, and a change in the tax rules governing basis, or appreciation in the value of assets passed on to heirs.