Summary
Washington state voters will decide if funds from a long-term care insurance program can be invested in the stock market. This is the only statewide decision in an election that mostly includes local races. The program, called the WA Cares Fund, is financed by a payroll tax to help cover long-term care costs.
Key Facts
- Washington state voters will vote on a constitutional amendment about investing long-term care funds in the stock market.
- The amendment is called Senate Joint Resolution 8201.
- The WA Cares Fund, created in 2019, helps pay for long-term care services.
- Washington taxpayers fund this program through a 0.58% payroll tax.
- As of June 30, 2023, the fund has a balance of $2.5 billion.
- Supporters believe investing in stocks could make the fund more stable for the future.
- Opponents worry that stock market changes could reduce the fund's value and increase taxes.
- A similar measure was rejected by 54% of voters in 2020.
