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.
NCAA Tournament LIU Brooklyn vs. Radford Hicks picked up his fourth foul with nine minutes remaining in the game with Radford up 53-46. The NCAA Tournament gets underway tonight with the " First Four " in Dayton.
"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".
Fans have even pointed at some resemblance between Iris and the mystery girl suggesting that they both talk fast when nervous. Patton said she only learned about the episode right before it was shot, giving her little time to prepare.
No matter who the Jets pick, they'll need to cultivate a good young quarterback, something they have failed to do for years. As the Redskins' signal caller, the former Pro-Bowler set single-season franchise records for passing yards multiple times.
Moreover, Abner Herrman Brock Ltd Liability Company has 1.5% invested in Celgene Corporation (NASDAQ:CELG) for 58,134 shares. Bnp Paribas Arbitrage Sa owns 0% invested in Quanex Building Products Corporation (NYSE:NX) for 18,062 shares.
Footpad's performance was hard viewing for trainer Mullins who watched on anxiously as his charge staged his heroic comeback. He added: "He's very good - you don't win them back to back unless you are very good".
The Europeans have laws banning the use of certain hormones, which make it all but impossible to agree to Trump's terms. Trump's next negotiating tactic, fight back, appears to sum up his determination with changing trade deals.
It was surprising to see viewership increase to such a large degree, but that means WWE did something right on Monday. A report from ESPN was quickly releasedafterwards with Rousey saying she'd signed a multi-year deal with the company.
United States actress Heather Locklear has been charged with several counts of battery against a sheriff's officer. This undated booking photo provided by the Ventura County Sheriff's Office shows actress Heather Locklear .
ConocoPhillips (NYSE:COP) for the trailing twelve months paying dividend with the payout ratio of 0.00% to its shareholders. Davide Leone & Partners Investment Company Llp sold 1.43M shares as Bristol Myers Squibb Co ( BMY)'s stock declined 1.04%.
How Home-based Business Can Benefit from Coworking Spaces
More so, it can encourage productivity by being able to lessen boredom since you will be surrounded by people you can talk to. It Fits the Bill According to statistics, self-employment is on the rise, increasing by as much as 40% in the U.S . by 2020.
Grab offering loans, insurance with new fintech platform
The firm said its taxi app alone generates more than 5 million micro-entrepreneurs, including 2.6 million drivers. We want to ensure our driver-partners' hard work pays off and that their income and livelihoods are protected.
Rajya Sabha adjourned till 2 pm
After both the houses were adjourned early on the day, Congress hit back at BJP. The House was first adjourned until 2 pm, and later for the day.
Santa Barbara County storm evacuation orders lifted
Authorities said revised expectations for Tuesday's storm were below the 1/4-inch-per-hour rainfall threshold for debris flows. Red Cross has established an evacuation center at Goleta Valley Community Center, 5679 Hollister Ave., Goleta, CA 93117.
Illinois Governor to Veto Gun Retailer Licensing Legislation
Don Harmon (D-Oak Park) did not mince his words either, imploring Rauner to sign a bill Harmon has worked to pass for 16 years. The measure passed the Democratic-controlled legislature just days after the mass shooting at a Parkland, Fla., high school.
Has $5.22 Million Stake in Freeport-McMoRan Inc (NYSE:FCX)
Real Peter also sold $402,882 worth of Analog Devices, Inc. (NASDAQ:ADI) was sold by SICCHITANO KENTON J on Friday, January 12. RBC Capital Markets maintained Freeport-McMoRan Inc. (NYSE: FCX ). 2.02M were reported by Polar Limited Liability Partnership.
Mizoram, Assam told to resolve dispute
At least 40 people have died in clashes along the border with Arunachal Pradesh, Nagaland, Meghalaya and Mizoram since the 1960s. The MZP alleged lathicharge and firing by the police that injured 49 persons, including students and journalists.
National Geographic magazine acknowledges its racist past
The magazine also used to repeatedly refer to people of different cultures as "savages", "unintelligent", and "unsophisticated". Important words for magazine writers, editors, publishers and readers to keep in mind, at National Geographic and beyond.
Chevron (NYSE:CVX) Upgraded by BNP Paribas to Neutral
South Texas Money Mngmt Ltd holds 363,627 shares or 2.03% of its portfolio. 288,000 were accumulated by Armistice Capital Limited. After $0.73 actual EPS reported by Chevron Corporation for the previous quarter, Wall Street now forecasts 105.48% EPS growth.
This Is Us: our expectations for the Season 2 finale
It hurt to see that, the Pearsons' best case scenario, especially in light of what happened at the end of the episode. It's wedding day! Kate decides at the last minute to go to an ice cream shop she and her dad used to go to.
The Essentials of Being an Eco-Friendly Hotel
Conserve Energy Lights, water heaters, and air conditioning units, among other things, consume the most electricity in hotels. Through these actions, the hotel can build a better name by showing its clients how it values environmental sustainability.
Money Saving Tips for Business Owners
JJBender.com is a trustworthy and reputable source of used office equipment that offers a wide variety of products. And in today’s economy, every small business owner is looking for ways to save money and reduce expenses.