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Murphy Has Big Plans, Unveils First Budget As NJ's Governor

Murphy Has Big Plans, Unveils First Budget As NJ's Governor”

New Jersey Governor Phil Murphy will unveil his first state budget plan in a speech to a joint session of the legislature tomorrow.

Murphy's budget would raise taxes by almost $1.6 billion in one of the country's highest-taxed states while also increasing spending on education and transit.

He also wants to increase the state's contributions to public education by about 8 percent, or $1 billion. Murphy proposes the state get rid of that exemption.

Any property tax relief could come in the form of a direct payment, to taxpayers or municipalities, or to reduce the tax levy or school funding.

"I certainly appreciate the Governor's support on that particular issue". The State will also move forward with expanding access to medical marijuana to alleviate patient suffering.

"Despite the fact that we anticipate a budget surplus, you can see the Democrats are already fighting over which tax to raise", Bramnick said.

The governor also wants to increase the earned-income tax credit, which helps lower-income residents, and create a child care tax credit.

State Sen. Chris Brown, R-Atlantic, said the No. 1 concern people share with him is their fear of not being being to afford to stay in this state because their taxes are so high. They said that doing so would make it unaffordable to live in New Jersey.

The budget includes more spending on schools.

"That's simply irresponsible", he said.

"Eight weeks ago today, I pledged to be a different type of governor".

The increase in the sales tax would generate at least a half-billion dollars. The hike is estimated to generate more than $750 million.

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.

Murphy also spoke about the controversial millionaire's tax.

On business taxes, he is proposing closing the so-called carried interest loophole for about $100 million in revenue as well as other technical changes for about $110 million in new receipts.

He's also 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.

It's not a new tax as much as stricter enforcement of a tax on the books.



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