Texas governor and Republican presidential candidate George W. Bush unveiled a “peace of mind” insurance plan Wednesday to help fight the cost of long-term health care.
The plan calls for a tax exemption of $2,750 for each elderly spouse, relative or parent care for at home, as well as allowing all taxpayers to deduct the cost of premiums for the insurance. The tax deduction portion would cost an estimated $5.1 billion over five years.
The tax exemption portion would cost an additional $2.3 billion over the same period. Meanwhile, the Gore camp questioned how Bush would fund such an initiative, asking if it would even be possible when combined with his ideas of cutting taxes.
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