Gov. Phil Murphy to unveil his budget as NJ's governor


Gov. Phil Murphy will deliver his first budget address Tuesday afternoon at the State House.

The state would also close a loophole for certain online sales where the seller has no nexus in New Jersey.

New Jersey Gov. Phil Murphy wants to raise the state sales tax and extend its reach, hike income taxes on the wealthy and legalize recreational marijuana.

Senate Minority Leader Tom Kean Jr. slammed Murphy's proposed increase in the sales tax from 6.625 percent to 7 percent. "It will responsibly invest in our future to drive our economic growth and resurgence". "But I am more confident than ever that we have what it takes to build a stronger, fairer New Jersey".

Democrats offered few details in their reactions.

Statement from Democratic Senate leadership.

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Assembly Minority Leader Jon Bramnick says the budget raises spending by 6 percentage points above what towns can spend by law. "It represents a very bad value for taxpayers".

The state's pension contribution would rise from $2.5 billion to $3.2 billion.

Murphy also proposed raising the state property tax deduction cap to $15,000 from $10,000, which would benefit a third of New Jersey homeowners, after federal tax changes that penalize many New Jerseyans with the lower limit.

"Legalization will allow us to reinvest directly in our communities - especially the urban neighborhoods hardest hit by the misguided War on Drugs", Murphy said. Christie had successfully pushed for lowering the sales tax under a plan in 2016 that also hiked the gas tax by about 25 cents, from 14 cents a gallon to 37.5 cents a gallon. If Murphy's sales tax increase goes through, that would be 32 percent. Taxing carried interest, according to the budget, will generate $100 million, according to the administration.

Murphy says he has not backed away from his pledge to raise taxes on millionaires despite Democratic reluctance.

Murphy wants to thwart businesses trying to dodge their state corporation business taxes. "We must be mindful that our decisions will have a real-life impact on the people of New Jersey". But with budget increases come new taxes. He also wants to Murphy wants to tax the performance fees earned by private equity and hedge fund managers.

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