Gov. Murphy to unveil NJ budget. Will tax hike be key?

Gov. Murphy to unveil NJ budget. Will tax hike be key?

Gov. Murphy to unveil NJ budget. Will tax hike be key?

Murphy also said the budget prioritizes tax fairness by including a millionaire's tax and 28 percent increase in funding state pensions.

Murphy's proposal, which he will detail in an afternoon speech in Trenton, will kick off budget negotiations with the Democrat-led legislature, which must pass a budget for fiscal year 2019 by June 30.

Raise marginal income tax rate to 10.75 percent for those making more than $1 million.

New Jersey Governor Phil Murphy announced Tuesday that the state will triple spending on New Jersey Transit and infrastructure.

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His proposed spending plan of $37.4 billion is roughly 5 percent higher than Christie's final-year proposal. He said that it would raise $765 million for New Jersey.

Sen. Robert Singer (R-Lakewood) said that, between the governor pursuing a millionaires tax and Sweeney's plan to increase the corporate tax, the state is going to deter people and businesses from moving in. "If these are our goals - as they must be - then the only sensible option is the careful legalization, regulation, and taxation of marijuana sales to adults", stated Murphy during his budget address. "I pledged to create a stronger and fairer New Jersey that measured success not by what we could do for the few, but by what we could accomplish for all nine million of our residents", Murphy said. Murphy also proposed extending the tax to new areas, including ride-hailing services and accommodations such as Airbnb.

Murphy's proposes contributing $3.2 billion toward the state's pension system, which now receives funding from New Jersey Lottery revenues under legislation signed by Christie previous year.

Senate Minority Leader Tom Kean says increasing taxes would send a bad message to individuals and corporations.

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However, Shukla said these provisions can be debated during the discussion on the bill and introduced the bill. But opposition insisted on a discussion on banking fraud under rule 168/169 which require voting.

The budget includes more spending on schools.

Murphy, a wealthy former Goldman Sachs executive who served as President Barack Obama's ambassador to Germany but had never held office before, said he wants to see a recreational cannabis program in place by January.

In 2016, Democrats struck a deal with Christie to cut the sales tax in exchange for an increase in the state's tax on gasoline to fund an exhausted Transportation Trust Fund.

The increase in the sales tax would generate at least a half-billion dollars.

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He also is calling for raising how much state residents can deduct in local taxes on income tax returns from $10,000 to $15,000, a reaction to the new limitation on deductions under the 2017 federal tax law.

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