The $36,000 Mirage: Why Your State's Care Tax Won't Save You

If you think those new payroll deductions will fund your parents' aging years, you have about ninety days before the money runs out.

If you live in Washington State, a quiet deduction hits your paystub: 58 cents for every hundred dollars earned. Other states are drawing up blueprints to do the exact same thing. It sounds like a safety net, but the math is brutal. If you earn $100,000 a year for thirty years, you will pay nearly $18,000 in taxes for a lifetime benefit capped at $36,500. In a decent care facility, that fund vanishes in less than ninety days.

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