Connect with us

News

NJ Dems Nix Gov Murphy’s Plan to Raise Taxes on Millionaires

Published

on

Democratic lawmakers in New Jersey have said no to Governor Phil Murphy’s desire for higher taxes on millionaires and increased fees on gun owners, corporations, opioid manufacturers and bear hunters. Photo Credit: nj.gov

Democratic lawmakers in New Jersey have said no to Governor Phil Murphy’s desire for higher taxes on millionaires and increased fees on gun owners, corporations, opioid manufacturers and bear hunters.

“The Democrats who control the state Legislature have insisted they won’t support a millionaire’s tax, and their proposed $38.7 billion budget preserves just one of the Democratic governor’s proposed tax increases,” reported NJ Advance Media. “They would raise a single tax — paid by HMOs — while taking money out of the state rainy day fund, cutting spending and tweaking revenue estimates for the coming fiscal year to balance the budget.”

The lawmakers’ plan could get a vote by the full Legislature by Thursday. “The budget also calls for a number of spending cuts and takes money from the governor’s rainy day fund. Specifics on the funding cuts and other financial figures were not available at press time,” Patch.com reported. “Murphy is offering New Jersey residents more money if they agree to his proposed millionaires tax. But no amount of money may prevent what seems inevitable: A government shutdown by the end of the month, when the new fiscal budget year starts.”

The question of higher taxes in the already high-tax Garden State has troubled many, as evidenced by Bloomberg’s headline last year: “New Jersey’s New Budget Aims to Raise Taxes on Almost Everything.”

As Bloomberg noted, “New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and Internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit. The proposal, 4.2 percent higher than the current fiscal year’s, relies on a tax for the wealthiest that has yet to be approved and lacks support from key Democrats in the legislature. It also reverses pledges from Murphy’s predecessor, Republican Chris Christie, to lower taxes in a state where living costs are among the nation’s highest.”

Taxes are always a political issue. Murphy has job approval ratings of 42%-32%, according to a poll released this morning by Fairleigh Dickinson University. “While Murphy struggles to be recognized as governor – a third of New Jersey adults can’t name him without being prompted – he remains popular among Democrats with 61%-16% approvals,” reported newjerseyglobe.com. “Murphy is at 39%-28% among Independents and 15%-63% among Republicans. The FDU poll numbers are consistent with a recent Johns Hopkins University survey that says one-third of Americans can’t name their governor and 80% don’t know who represents them in the state legislature.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Advertisement --

Trending

Daily Newsletter

Get all the breaking news delivered right to your inbox as it happens

Sign Up Now!

ONE MONTH FREE

At Your Doorstep

No more hassles running to the newsstand, as each week for a month, you can now sit back, relax and enjoy the Jewish Voice in the comfort of your own home!