Gov. Murphy Introduces Financial Plans at Budget Address


During a budget address on Tuesday, March 13th, New Jersey Governor Phil Murphy doubled down on his commitment to legalize marijuana in the Garden State this year.

"Yes, a millionaire's tax is the right thing to do - and now is the time to do it", the Democratic governor told legislators in Trenton.

Under his budget plan, incomes over $1 million would be taxed at almost 11-percent, which is up from the top bracket of 9-percent.

His proposed spending plan of $37.4 billion is roughly 5 percent higher than former Republican Gov. Chris Christie's final-year proposal.

"On these, and on all the critical issues New Jersey faces, we have been aggressive and we plan to stay aggressive, because our state and our people deserve a government that supports their values and their futures", Murphy said.

Democrats offered few details in their reactions.

Google to ban ads for cryptocoins, related products
Additionally, it removed 48m ads that were attempting to get users to install unwanted software. Last year, Google generated $95.4 billion in ad revenue, up 20 percent from 2016.

Republican lawmakers say that the Office of Legislative Services is forecasting a budget surplus of $800 million to $1.5 billion.

He also is calling for undoing a sales tax cut that was part of Christie's deal with lawmakers to raise the gas tax and fund transportation.

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

"Legalization will allow us to reinvest directly in our communities, especially the urban neighborhoods hardest hit by the misguided war on drugs", said Murphy. The top tax rate is now 8.97 percent, for income over $500,000. Sales tax is back up to 7 percent, tied for the second-highest rate among states and up from the current 6.625 percent.

How many millionaires would pay the tax?

Democratic Senate President Steve Sweeney has said the increase would be approved only as a "last resort". And he is banking on about $110 million as a result of what he called technical changes to the corporate business tax.

Gov. Murphy says that he plans to make a "major" statement about the state's transit system during the speech. But with budget increases come new taxes.