New Jersey budget will see more tax increases, more borrowing

Lawmakers push plan that borrows more than Gov. Phil Murphy wanted. Votes planned for Tuesday

By John Reitmeyer, NJSpotlight

State lawmakers are planning to send Gov. Phil Murphy a budget bill later this week that calls for even more spending and borrowing than he originally asked for.

The first votes on a $32.7 billion spending bill formally introduced by lawmakers on Monday are scheduled to be held Tuesday afternoon in budget committees in the Assembly and Senate.

Also scheduled for committee review on Tuesday are a series of tax hikes proposed to back up the Legislature’s spending bill.

Millionaires tax on the table

Among them are a higher tax rate for individuals earning over $1 million and up to $5 million and a permanent extension of a tax surcharge levied on top-earning businesses that was supposed to begin phasing out this year.


Posted: September 22nd, 2020 | Author: | Filed under: New Jersey, New Jersey State Budget | Tags: , , | 1 Comment »

One Comment on “New Jersey budget will see more tax increases, more borrowing”

  1. Meanwhile said at 9:27 am on September 22nd, 2020:

    This is how Murphy is squandering the covid relief money. Using one time fixes for excessive spending


    Just like other Democrat Governors


    While they tax and spend us to death.

    Doesn’t anyone in government understand the words “cut the budget” just like we have to do in difficult financial times?

    What was it that Ronald Reagan said ?

    “Spending is the problem, not taxes”