Legislature adopts massive tax for long-term care

Late in the night, the state Senate approved a massive payroll tax to create a new government-run program aimed at helping people pay for long-term care costs. The $.58 tax on every $100 earned would pay up to $36,000 in a maximum lifetime benefit and the costs to administer the program are staggering. I opposed this measure, which is really a hidden income tax, because it won’t come close to covering the actual costs of what people will need. Individuals should plan for their care needs as they age, but the reality is that you could have much more money by investing it elsewhere. Watch my speech on the Senate floor.