Secretary of State Bill Galvin signed the millionaire’s tax Thursday, allowing the commonwealth to tax incomes over $1 million an extra 4%.
“With the results of the election now certified, this constitutional amendment will go into effect immediately on the first day of the new year,” Galvin said in a Thursday release.
The Fair Share Amendment, passed by voters in November, will implement a surtax on any dollar made over $1 million. But Galvin said the legislature will need to move quickly to address a serious concern.
“Immediate action will be needed to assist elderly homeowners who may have been intending to sell their current primary residence, in an effort to downsize and fund their retirement,” Galvin said.
Galvin also signed ballot question 2 into law, requiring by 2024 that dental insurers will need to spend 83% of premiums on care and quality improvements.
Jobless claims up modestly
Slightly more Americans filed for jobless claims last week but the labor market remains one of strongest parts of the U.S. economy.
Applications for unemployment benefits rose to 230,000 for the week ending Dec. 3, up by 4,000 from the previous week’s 226,000, the Labor Department reported Thursday. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 1,000 to 230,000.
Jobless claims are seen as a proxy for layoffs, and combined with other employment data, show that American workers are enjoying extraordinary job security at the moment, despite the Federal Reserve’s efforts to cool the economy.