Murphy's First Budget Is Focused on Progressive Policies and New Taxes

Murphy's First Budget Is Focused on Progressive Policies and New Taxes

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

Murphy is also proposing to raise taxes on income over $1 million, at the rate of 10.75 percent, and levy a fee on carried interest that would amount to a $100 million tax increase on Wall Street hedge-fund managers.

Mr. Murphy is also proposing new taxes, separate from the sales tax, on disruptive tech services like Airbnb, Uber and Lyft, as well as out of state online retailers.

His proposed spending plan of $37.4 billion is roughly 5 percent higher than former Republican Gov. Chris Christie's final-year proposal.

Murphy's blueprint includes some $1.5 billion in new taxes to fund his ambitious agenda.

Murphy's proposal to increase the sales tax to 7% came after Nuveen Asset Management released a report saying that a new 6.625% reduced sales tax that took effect on January 1 "endangers" annual pension funding gains.

He also wants to increase the state's contributions to public education by about 8 percent, or $1 billion. "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. If Murphy's sales tax increase goes through, that would be 32 percent.

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"We need to spend more resources in recovery and less on wasteful television ads", Armato said.

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 a year ago.

As part of the negotiation to raise the gas tax in 2016, Mr. Christie won a reduction in the sales tax from 7 percent to eventually 6.625 percent in 2018. Murphy also mentioned plans to make community college tuition free for students.

Sweeney has instead argued for raising taxes on corporations.

The income tax proposal may face resistance even from his own party because of concerns that many New Jersey residents will be hit by the federal tax changes that cap deductions for state and local taxes at $10,000. The administration did not have any estimates on how much that could save New Jersey taxpayers.

"You're going to see the Democratic Party do exactly what they did a decade ago, send us on a mission to higher taxes, more people leaving the state, more businesses either planning to leave or not entering the state".

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