Courtesy of AMAC’s Safe Money Planning Division
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Brace for Impact: A new Long-Term Care Tax that tests constitutional limits. This concern transcends mere taxation; it’s a fundamental issue of our freedom and the right to enjoy our retirement without the heavy hand of the government seizing what we’ve worked a lifetime to earn. It’s a blatant example of how the left, with their tax-and-spend agenda, is continually eroding the principles our nation was built on.
Washington State’s groundbreaking Long-Term Care Tax, under the Washington Cares Act, has established a precedent, with an alarming number of states considering similar tax legislation. As Baby Boomers reach a critical stage and the demand for long-term care soars, many families are projected to be underprepared for this massive financial strain, and states are taking matters into their own hands. However, you may have the opportunity to opt-out of this tax and prepare, but time is of the essence!
Don’t miss our 15-minute webinar, ‘How To Avoid The Long-Term Care Tax’ – it’s packed with essential actions and insights.
Why Attend This Brief Webinar?
- Discover the Secret to Opting Out of the Tax Trap: A Step-by-Step Guide
- Aging’s Financial Pitfall: Uncovering How This Tax Could Erode Your Future Security
- The Hidden Perils of the Tax: What They Aren’t Telling You
- Beyond the Mandate: Two Innovative Strategies for Long-Term Care Planning to Safeguard Your Wealth
We believe in informed choices over mandatory government solutions. While the future of this tax in other states is uncertain, our webinar will ensure you avoid this financial turmoil.
Like every other government policy designed to “help the people”, this one will end up doing the opposite. Here is what will happen:
The tax will start out small but quickly have to raised, because there will be NO INCENTIVE for either cost containment or bureaucratic expansion by the state or the long-term care facilities. Nursing homes and other long-term care facilities will simply raise their prices at a steady and accelerated rate, much in the same way university and college costs have exploded since Obama took over the funding of college tuition loans. This is the reason that college costs have exploded upward at rates far greater than normal inflation.
To handle the increased demand, triggered by the state subsidies under riding the accelerated long-term care costs, the state will increase its already sizeable bureaucratic bloat in terms of more government employees and increased administrative staff. Again, just like the federal government did after Obama took over the student loan programs from the banks. Thousands upon thousdands of new federal employees were hired, along with all the administrative overhead normally associated with any expanded federal program. At the state level, the state will do the exact same thing, which will lead to higher taxes to pay for the additional state employees. Bottom line, the tax will have to be increased at regular intervals to pay for what will be an exploding program costing the state, meaning the taxpayers that pay for everything, much more money than any of the politicians are telling you.
Bad idea, once involved the government will take more and more, just like the social security and Medicare taxes by the feds. The citizens of every state should fight this.
One more step toward communism. Eliminate private, make everything state (government) run. Then after everything is under government control, reduce benefits for the “pheasants” that were duped into believing it was a good thing. Too late comrade.
Don’t forget how California is now giving out payments to disabled and elderly border invaders.
Remember Reagans words ” the worst 8 words in our language, we’re the government and we’re here to help”
ANYTHING out of Washington state has got to be a bad idea.
We already have to much government interference.this not work for the majority.
I recently had a relative in intensive care that had insurance for intensive care. I had numerous delays and other problems with the insurance company. After I did some research I found that all insurance companies providing that type of policies are loosing money on them. If insurance companies are loosing money can you imagine the mess if the government tries to run a tax supported program.
As Washington State is absolutely controlled by Marxist/Communists, every year the legislature finds a myriad of ways to either increase existing taxes or create new ones.
This long term care tax is one of their newest scams to extract more money out of the pocket of workers and fill the pockets of their criminal comrades.
Unfortunately, counties in the state are also finding more ways to tax the people. My county which used to be solidly conservative as been taken over by the Communists and they implemented two new taxes last year and this year. One is a “behavioral” tax they claim will help alleviate the mental illness they created which has been skyrocketing with their sustained tyrannical rules. The other is an “affordable housing” tax designed to give precedence to people whose skin is black which is clearly discrimination at work.
These taxes are simply implemented to expand government control and reach and provide “preferred” people and companies with more money extracted from taxpayers.
Looming LTC Tax? This went into effect many months ago after a lengthy delay.
While there was an opt-out included to make people think they had a choice, there were NO insurance companies that would sell any LTC coverage here in Washington after this was passed. And if you did happen to find one while this was still pending, they were charging many 10s of thousands of dollars to buy the policy.
Unless they changed the law during the extension period, any policy eligible for the opt-out had to be in effect before the payroll tax began.
There is only one way to fix these problems permanently. Make all government employees, all employees, join the same systems the people have. Private health insurance, social security and 401K plans. Nothing special for them. No golden parachute retirement after 4 years. Let them feel what we feel every day.
Taxes “for a purpose” are never rescinded once the original intent (however justified) is resolved, only expanded to something more lucrative.
Seems to me WA (can we expect OR, CA to get there soon?) is on the route to full Communism? What if they nationalize Boeing’s WA facilities, etc etc?
We needn’t worry about any government policy that is “long term.” The USA no longer has a “long term.” At the pace the Bidens/Obamas/Democrats are destroying the country it will not exist in 5 or 6 years: certainly not in 10.
DONT need this Tax Ever
Impeach impeach impeach the dirty politicians!
Another bowl on the gravy train to be filled by a tax payer not meant for the patient he’ll be lucky to get one lick
You’re going to tell me about unfair taxes? I own 5 vehicles of various ages: a 99 Didge Ram RV, a 94 Ranger, a 01 Harley, a 97 Harley and bought a 16 Harley in 2019. The 2016 registration costs more than all the others together thanks to something called a “government services tax” in Nevada where the appraised value of the vehicle is taxed each year and added to the cost of registering. Why does one cost more: do they not all use the same road?
Thank you. Father help us amen
Does this affect everyone or only those with LTC insurance?