Washington Update

Republican presidential candidate George W. Bush has unveiled a $7.4 billion plan for what he calls peace of mind insurance against long term care costs. Bush’s plan allows all taxpayers to deduct the cost of premiums for the relevant insurance and provides an additional personal tax exemption of $2,750 for each patient cared for at home, according to a Reuters report. Aides to the candidate estimated that the tax deduction component would cost $5.1 billion over five years and that the tax exemption would cost $2.3 billion over the same period, Reuters reported.