Gov. Murphy pitches higher taxes, money for schools in budget address

Gov. Murphy pitches higher taxes, money for schools in budget address

New Jersey Governor Phil Murphy will unveil his first state budget plan in a speech to a joint session of the legislature tomorrow.

Murphy wants a 10.75 percent marginal tax rate on income over $1 million.

"If our goal is to make New Jersey affordable for our middle-class families and retirees, we need to find ways to put money back into their pockets through tax relief instead of repeating the failed notion that somehow increasing taxes will make living more affordable", Brown said.

Adjusted for inflation, New Jersey's revenues are 6 percent below their pre-recession peak, compared with average national growth of 6.5 percent and New York's 14 percent growth, acting State Treasurer Elizabeth Maher Muoio said. Murphy outlined a host of 2019 budget goals including upping funding for public schools by $341 million and New Jersey Transit by $242 million that he said could be funded through new taxes as well as scrutinizing more closely more than $8 billion in existing corporate tax credits.

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's also calling for raising how much state residents can deduct in local taxes on income tax returns from $10,000 to $15,000, a reaction to the new limitation on deductions under the 2017 federal tax law. If Murphy's sales tax increase goes through, that would be 32 percent.

The pension contribution would increase to $3.2 billion, which is six-tenths of the full amount that actuaries say should be made.

"We need to spend more resources in recovery and less on wasteful television ads", Armato said.

But if that happens, it'll get taxed: a 25 percent excise tax, plus the sales tax.

The hike in the millionaires' tax would generate about $750 million.

Murphy wants to take a first step toward meeting his campaign goal of tuition-free community college by spending $50 million on the program, which would cover almost 15,000 students from families with incomes below $45,000. Last week, Mr. Sweeney announced a proposal to raise taxes on corporations.

Assemblyman John DiMaio (R-Bridgewater) echoed Singer on high taxes driving residents to Florida, saying that high-income earners have left the state in droves.

The budget proposes $2 million to create a Center on Gun Violence at a New Jersey college.

Related Articles

  • Cousins to Vikings, Keenum to Broncos while Jets seek Teddy

    Cousins to Vikings, Keenum to Broncos while Jets seek Teddy

    The quarterback reports started with the Denver Broncos attracting Case Keenum for a two-year, $36 million contract . However, next offseason there will be several talented, even Pro Bowl-caliber players in line for new deals.

    Koshinski Asset Management Inc. Boosts Holdings in Comcast Co. (NASDAQ:CMCSA)

    Clear Perspective Advisors LLC lifted its holdings in Comcast by 100.1% in the second quarter. (NASDAQ:AMZN) or 65,200 shares. United Kingdom-based Lombard Odier Asset Mgmt (Europe) Limited has invested 0.12% in Comcast Corporation (NASDAQ:CMCSA).

    Myths about learning English

    For example, you can fulfill the exercise online and it’s better than to write it and it shows your mistakes automatically. And again- the motivation is the key! The myth#3: the residence in another country guarantees you the language learning.
  • Teva Pharmaceutical Industries Limited (TEVA) now has a monthly volatility of 3.72%

    The stock of Teva Pharmaceutical Industries Limited (NYSE:TEVA) earned "Underperform" rating by Wells Fargo on Friday, January 5. Clal Insurance Enterprises Holdings Ltd bought 88,151 shares as the company's stock declined 15.11% while stock markets rallied.
    NCAA First Four: LIU Brooklyn vs. Radford

    NCAA First Four: LIU Brooklyn vs. Radford

    The Highlanders' defense helped limit LIU Brooklyn's leading scorer, Joel Hernandez , to just eight points. He had 32 in their championship game and just willed their team.
    Windows 10 Spring Creators Update Release Due In April

    Windows 10 Spring Creators Update Release Due In April

    This is the second ISO for Windows 10 Redstone 4 , the next version of the operating system expected to arrive in April . You can refer to our tutorials on how to create bootable USB drive and how to do a fresh Windows 10 installation .
  • Japan's Taro Daniel eliminates Djokovic at Indian Wells

    Japan's Taro Daniel eliminates Djokovic at Indian Wells

    Federer and 10th seed Djokovic both came into the tournament seeking to become the first six-time victor of the event. So it was definitely nerve-wracking kind of, but I was enjoying it so much out there and I was playing my best.
    Dinner boost to Opposition unity

    Dinner boost to Opposition unity

    TMC's Derek O'Brien, who had initially planned to come, took the evening off to celebrate his birthday. However, Congress leader Randeep Surjewala played down the motive behind holding the dinner.

    Stock'S Earning Overview Chevron Corporation (CVX)

    The oil and gas company reported $0.73 EPS for the quarter, missing the Thomson Reuters' consensus estimate of $1.27 by ($0.54). Oregon Public Employees Retirement Fund bought 4,560 shares as the company's stock declined 3.45% while stock markets rallied.
  • Redskins expected to sign WR Paul Richardson

    Redskins expected to sign WR Paul Richardson

    They view him as a replacement for DeSean Jackson , who left for Tampa Bay last season after three years in Washington. That was first reported the day before the official opening of the free-agent market by NFL Network's Mike Garafolo.
    Manafort could face 'rest of life in prison,' judge says

    Manafort could face 'rest of life in prison,' judge says

    Ellis also wrote that Manafort has the means to escape and would certainly try to do so given the opportunity. The judge also ordered that Manafort pay $10 million if he fails to appear in court, Politico reported .
    Polestar 1 ready for advance orders as thousands register their interest

    Polestar 1 ready for advance orders as thousands register their interest

    The fully-refundable €2,500 deposit - around £2,200 - secures a place in line for the Polestar 1 once it is officially released. Prospective customers can also access and online configurator to spec their model before ordering.