Voters to decide if WA Cares tax dollars can be invested in stock market

Washington voters will decide on a constitutional amendment that would enable WA Cares tax dollars to be invested in the stock market, a critical decision for long-term care funding. Senate Joint Resolution 8201 allows the Washington State Investment Board to manage these funds akin to pension assets, potentially leading to greater financial returns for beneficiaries. Heather Weiner of the Approve 8201 campaign emphasized that Washington's pension funds have yielded an average return of 8. 9% since 1992, far exceeding traditional government bonds. In contrast, State Senator Bob Hasegawa cautioned against the risks of stock market investments, stressing the importance of prudent fiscal management.

The amendment received overwhelming support in the legislature, passing 86-9 in the House and 42-7 in the Senate, and will be voted on by the public. If approved, it will allow the long-term care account to invest in private equity and stocks, which are currently restricted. The WA Cares program, funded by a 0. 58% payroll tax, aims to provide $36,500 in benefits to eligible individuals starting in July 2026. The outcome of this vote could significantly impact how long-term care is funded in Washington state.