The proposed bill seeks to create the Washington Health Trust, a comprehensive public health financing system aimed at providing universal medical coverage to all residents of Washington State. This coverage will include essential health benefits such as primary care, dental, vision, and prescription drug services, without any premiums, deductibles, or copayments. The bill emphasizes universal eligibility, eliminating means testing, and aims to address health care access disparities, particularly for marginalized communities. The governance of the trust will be overseen by a board of trustees composed of 17 members with health care expertise, ensuring diverse perspectives in health care financing and delivery.

Key provisions of the bill include the establishment of a comprehensive benefits package, the creation of a statewide health care data system, and the integration of federal health coverage programs into the trust. It mandates that the health care authority assess relevant state and federal laws and negotiate necessary waivers with federal agencies. Additionally, the bill introduces a long-term capital gains tax to fund the health trust, applying to individuals with net earnings exceeding $200,000, and outlines employer responsibilities regarding health care expenditures. The legislation aims to enhance health care funding through employer contributions and capital gains taxation while establishing compliance and enforcement mechanisms to ensure the financial sustainability of the health trust.