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Gov. Murphy seeks tax hikes in $40 billion budget proposal


Added 02-26-20 12:23:02pm EST - “New Jersey Gov. Phil Murphy drew applause at the beginning of his budget address Tuesday before lawmakers in Trenton, when he thanked them for their concern about his health.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “Gov. Murphy seeks tax hikes in $40 billion budget proposal”. Below is an excerpt from the article.

New Jersey Gov. Phil Murphy drew applause at the beginning of his budget address Tuesday before lawmakers in Trenton, when he thanked them for their concern about his health.

He also drew applause toward the end of his nearly 50-minute speech as he reeled off some highlights of his proposed spending plan for the 2021 fiscal year, which include modernizing infrastructure to eliminate lead water lines and providing $200 million to lower the cost for individuals buying health insurance plans through the Affordable Care Act.

But the applause died down significantly when Murphy called on the Legislature to extend his “millionaires’ tax” as part of the $40.85 billion budget. Neither Assembly Speaker Craig Coughlin nor Senate President Stephen Sweeney clapped as they stood behind their fellow Democrat.

Just as Murphy said, “I’m not going anywhere,” as he prepares for surgery to remove a kidney tumor, so too it appears that the governor’s push for more revenue from high-income earners isn’t going away anytime soon.

Two years ago, New Jersey enacted the tax applied to annual income of more than $5 million. Murphy now wants 2 percent of income exceeding $1 million. The governor said that tax increase, which would affect about 22,000 people, would lessen the load for the middle class, particularly when it comes to property taxes.

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