The Money Seat with Ross Krause

The Long and Short of The New WA LTC Tax

Ross dedicates an entire episode to address a hot-button topic for Washington state residents; a new payroll tax called the Washington Long-Term Care Tax. The law which goes into effect January 1, 2022 (and is permanent) will tax people’s wages to pay for long-term care benefits in the future. The law is mandatory and will cost $0.58 on every $100 of wages. Washington residents have one opportunity to opt-out of this tax by having a long-term care insurance (LTC) policy in place by November 1st, 2021. Ross goes into greater detail to explain the main points of the tax and what you should know about it if you live or work in WA state. Connect Ross at rosskrause.com if you have additional questions.