(MISH TALK) – A concerned reader from Washington asked me to discuss a new law in Washington state, the first in the nation to force people to buy long-term care insurance.
No matter what your age, your bill is $0.58 per $1,000 gross income with no caps. The state calls this forced setup a "Health Care Partnership."
Starting Jan 1, 2022: Initially, the tax will be 0.58% of employees’ wages. Beginning January 1, 2024, and every 2 years thereafter, the tax will be set at a rate (no greater than 0.58%) necessary to maintain the solvency of the Program.
Taxed on Everything: The tax applies to all wages and remuneration, including salary and hourly wages, stock-based compensation, commissions, bonuses, holiday pay, most paid time off, and severance pay.
No Cap: There is no cap on the amount of wages in which the tax applies.
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