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Highlights of New Jersey Gov. Phil Murphy's $37.4B budget

Highlights of New Jersey Gov. Phil Murphy's $37.4B budget

Phil Murphy unveiled his first budget proposal yesterday, hitting on many of his campaign promises, but also delivering a few surprises. Overall, Murphy plans to increase school aid by about $1 billion or 8 percent over the current fiscal year, which ends June 30.

"This budget meets the standards by which we will build a stronger and fairer New Jersey that works for all of our residents", Murphy said.

Under his budget plan, incomes over $1 million would be taxed at almost 11-percent, which is up from the top bracket of 9-percent. The budget includes appropriations totaling $37.4 billion and a projected surplus of $743 million.

"That's simply irresponsible", he said.

Murphy says he has not backed away from his pledge to raise taxes on millionaires despite Democratic reluctance.

More news: Twitch Prime Subscribers Now Get Free PC Titles Every Month

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. New taxes are being proposed on rideshares like Uber and Lyft, home sharing sites like Airbnb, legal marijuana sales and investment profits.

The Democratic governor is expected to announce an increase for the state's millionaire's tax, an idea that has angered some Republican lawmakers.

Do you approve of Murphy's plan to hike the state's sales tax?

The Democrat is calling for almost tripling the state's subsidy to New Jersey Transit, increasing general fund support from $141 million to $383 million. And he is banking on about $110 million as a result of what he called technical changes to the corporate business tax.

But after Murphy was elected in November, Congress passed a new federal tax plan that will impact homeowners in New Jersey by capping deductions for state and local income taxes.


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