Despite passionate calls to add diversity to the process, the Legislature sent Gov. Phil Murphy legislation Thursday that gives a panel of four state lawmakers power to determine the fate of up to $9.9 billion in emergency borrowing.
Gov. Phil Murphy wants a plan in place to borrow billions without voter approval; now legislators are ready to sign off one to make that happen. A revamped version of emergency-borrowing legislation is set to go before lawmakers for the first time Tuesday.
New Jersey is joining the federal government in extending the deadline to file and pay income taxes until July 15, according to a joint statement by Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin. The State Budget Deadline has been postponed from June 30 to September 30.
Gov. Phil Murphy’s administration has put nearly $1 billion in planned spending in reserve in response to ongoing concerns that the coronavirus outbreak could take a huge chunk of revenue out of the state budget.
Among the fiscal year 2020 appropriations that have been sidelined by the administration’s spending freeze is $142 million that was supposed to cover the next installment of the state’s popular Homestead property-tax relief benefits, which was due to be paid out to thousands of New Jersey residents to help offset their sky-high property-tax bills in May.
Direct Support Professionals Asking for $16.5 Million to Cover Minimum Wage Increase
When the Democrats in Trenton passed legislation in 2019 to increase the state minimum wage incrementally until it reaches $15 per hour in 2024, Senator Declan O’Scanlon and Republicans in both houses warned of the consequences for New Jersey taxpayers, those providing essential services and those that depend on those services.
Two months after the implementation of the second annual increase raising the state hourly minimum from $10 to $11, O’Scanlon’s cautions are being proven. Read the rest of this entry »
The New Jersey Society of Certified Public Accountants surveyed its members regarding the impact New Jersey’s new state budget would have on the state’s economy. More than 75% of the 921 CPA’s surveyed said that the budget signed by Governor Phil Muphy would have a negative impact on the economy, according to an article at NJCPA.com
Thirty-nine percent felt the economy would get “marginally worse,” and 37 percent said it would get “significantly worse.” Fourteen percent said it would have no impact, and only 10 percent said the economy would get either “marginally better” or “significantly better” under the new budget.
While New Jersey narrowly avoided a second straight government shutdown, the budget agreement that was achieved at the last minute will have a serious impact on area taxpayers that will be felt for years to come.
As a member of the Assembly Budget Committee, I participated in a number of meetings and listened to hours of testimony on Gov. Phil Murphy’s proposed budget that sought to increase spending by more than 7 percent and raise taxes by $1.7 billion. Gov. Murphy and the Democrat majority in the Legislature then spent much of the spring and early part of summer arguing over which of our taxes to raise.
Never, it seems, did they consider reducing government spending nor did the conversation appear to focus on reducing the burden on some of the most overtaxed citizens in the country. In fact, during the debate, serious consideration was given to additional tax hikes, including proposals to increase the realty transfer fee and add taxes to short-term home rentals — two ideas that would have dramatically impacted Monmouth and Ocean County residents. Read the rest of this entry »