WA Cares tax (insurance, how much, school district)

[leastprime]

Originally Posted by 04kL4nD

Our combined income will make it upwards of $1500 a year. We have good health insurance. A flat rate of $280 per household would be fine, OR maybe making wealthy corporations pay more of their fair share.

We left CA thinking WA would be an improvement in terms of governance and we’re really scratching our heads at this one.

DS bought an WA approved term life insurance with LTC rider, 2021. He fixed his LTC premium cost for the minimum coverage, regardless of Income, and that total Income is nicely higher than in 2021.
YIMV

[Hemlock140]

It's really a scam by our governor. We have been looking into assisted living for my Mom, and it's now running $67,000/month. With the lifetime limit of $36,500 that would last less than 6 months! Of course, one might have additional income to help pay that $7,000 but for people like my Mom that's just Social Security of less than $2,000/month. That would only stretch it to 7 months. My mother in law was in assisted living from age 82-95, that's 12 years. My wife and I have our own long-term care insurance that we started over 25 years ago, and so are exempt.

[rantiquity]

Originally Posted by 04kL4nD

Our combined income will make it upwards of $1500 a year. We have good health insurance. A flat rate of $280 per household would be fine, OR maybe making wealthy corporations pay more of their fair share.

We left CA thinking WA would be an improvement in terms of governance and we’re really scratching our heads at this one.

One: What is the fair share for Corporations to pay? I am thinking you think any amount as long as you don't have to pay? I am I wrong on this?
Two: I am thinking you picked the wrong state and the wrong county to escape California if you thought you would improve your quality of life.

[PhoenixSomeday]

Originally Posted by Hemlock140

It's really a scam by our governor. We have been looking into assisted living for my Mom, and it's now running $67,000/month. With the lifetime limit of $36,500 that would last less than 6 months! Of course, one might have additional income to help pay that $7,000 but for people like my Mom that's just Social Security of less than $2,000/month. That would only stretch it to 7 months. My mother in law was in assisted living from age 82-95, that's 12 years. My wife and I have our own long-term care insurance that we started over 25 years ago, and so are exempt.

Dang, at that rate the WA Cares would only last 2 weeks. I'm wondering if there's one too many zeros in that $67k figure.

[rantiquity]

Originally Posted by leastprime

How 'you' intend to pay for your LTC?
is the question that every WA resident should asked themselves.

First off my wife and I have had long LTC insurance and have been paying into it for about 30 years.

I am against any new Washington tax no matter how they try to cover it with flowers and sweet kisses.
But......did you know that when SS was put in place in 1935 it took a lot of years to bring it up to speed so it was useful and effectual. In fact FDR wanted a private program that people could put their money into for their retirement. He said so in the 1935 SOTU address. But congress wouldn't approve it and passed SS program what we know as of today. In the 40's there were about 40 people paying into the system for each person receiving SS, today it is about 2 people paying for each person receiving SS. So you can image how long it will take to get enough money into a LTC program that would be effective. Most senior citizens alive today would not benefit in Washington TCL program. To them it would be a total waste of money.

[zerp]

When the WA Paid Family and Medical Leave “payroll” (income) tax was a few months out from being implemented (Jan 1, 2019), my wife and I just changed our addresses with our employers.

We’re both remote workers and we just used one of our Florida rental house addresses.

Not a penny ever paid in that tax nor do we have to worry about this one!

[zerp]

Originally Posted by 04kL4nD

Our combined income will make it upwards of $1500 a year. We have good health insurance. A flat rate of $280 per household would be fine, OR maybe making wealthy corporations pay more of their fair share.

We left CA thinking WA would be an improvement in terms of governance and we’re really scratching our heads at this one.

You using the phrase “making wealthy corporations pay more of their share share” in conjunction with your mindset around moving from CA to WA thinking you would get an improvement in governance reveals a lot.

[leastprime]

^ Reply to #15
Good for you, I think.
We got ours 20 years ago, for $1200/yr. It's now ~$7000/yr and I reduced my benefit [Cost is irrelevant without Details]. Suffice to say, it is our #1 expense in our retirement budget.

WA Cares Act is about funding a welfare program.

I don't particularly like welfare but not everyone is able to accumulate wealth for retirement and their care.

A further discussion should be undertaken by the general public.
YMMV

[04kL4nD]

Originally Posted by rantiquity

One: What is the fair share for Corporations to pay? I am thinking you think any amount as long as you don't have to pay? I am I wrong on this?
Two: I am thinking you picked the wrong state and the wrong county to escape California if you thought you would improve your quality of life.

ONE: Nope, you're correct.
TWO: Nope, you're not correct. Our home would have cost 2-3x as much for something comparable from the Bay Area. We're not wealthy by any means, but we have a much better lifestyle overall in WA than back in CA since our housing costs are so much lower. We absolutely moved to WA because of no state income tax, so this WA cares BS is just something will we have to suck up, along with higher sales tax and property taxes. I'm allowed to complain. We aren't going anywhere and we will vote for sensible legislation.

[Glenview94602]

Originally Posted by 04kL4nD

ONE: Nope, you're correct.
TWO: Nope, you're not correct. Our home would have cost 2-3x as much for something comparable from the Bay Area. We're not wealthy by any means, but we have a much better lifestyle overall in WA than back in CA since our housing costs are so much lower. We absolutely moved to WA because of no state income tax, so this WA cares BS is just something will we have to suck up, along with higher sales tax and property taxes. I'm allowed to complain. We aren't going anywhere and we will vote for sensible legislation.

Hey fellow Washingtonian and former Oaklander (see my username). I remember your posts in the Bay forum like 10 years ago too!
No income tax currently but the legislature recently passed a capital gains tax (excluding real estate) and it was upheld by the state supreme court.