Decision on investing WA Cares tax dollars in stock market goes to ballot
Voters in Washington will be asked this fall to let the state make stock market investments with payroll taxes collected for its long-term care program.
The Legislature has put a measure on the Nov. 4 ballot to amend the state constitution to allow assets of the program, known as WA Cares Fund, to be handled similarly to pension and retirement accounts. Any earnings would be plowed back into the program.
The state constitution generally bars investing public money in the stock of private companies. That means state and local governments are limited to fixed-income securities like government bonds and certificates of deposit that are less risky.
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Voters defeated a similar measure in 2020 by a margin of 54.4% to 45.6%. It passed in only three counties — Jefferson, King, and Whatcom.
https://www.heraldnet.com/news/decision-on-investing-wa-cares-tax-dollars-in-stock-market-goes-to-ballot/
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