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