New Jersey Gov. Phil Murphy is proposing a higher marginal tax rate on income above $1 million, apparently undeterred by lawmakers’ rejection of that same proposal last year.
Murphy’s $38.6 billion proposed budget for the fiscal year that begins July 1, to be unveiled during a speech to the Legislature that began shortly after 2:15 p.m. Tuesday, represents a 3 percent increase in spending over last year’s proposal. Inflation is around 2 percent.
The budget includes a surplus of nearly $1.2 billion, up from $743 million in the governor’s fiscal year 2019 proposal. The administration largely attributes the cushion to projected savings to be achieved through negotiations with public-sector labor unions.
Murphy, a Democrat elected in 2017 to succeed Republican Chris Christie, has argued that a so-called “millionaire’s tax” would help lift the middle class by providing funding for priorities like education.
He heads into budget negotiations after signing into law a measure that will raise the minimum wage to $15 an hour for most workers by 2024.
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9 comments:
That 'woosh' sound is the sound of millionaires leaving the Oil and Petrochemical state... oh, that's right, that doesn't fit on the license tags.
Garden State.
Brilliant move - MORON!
The $15/hr minimum wage will cause a number of layoffs.
The "Millionaire's" tax will cause them to leave.
There will be nobody remaining except for politicians and welfare recipients!
see either you lose your job or you get higher taxes, either way how can any one of you dumb-asses say this is a win win for anyone but the govt??? You people are so god damn stupid it is not even funny anymore... god help you seriously...
If those people think that taxing the rich to death will help it won't.The rich hire the poor.
Flat tax for everyone. No limit on income. Period.
See New Jersey's millionaires sprout wings and fly south.
How about a tax on movie stars @ 50%. They don't work anyway for what they get paid, they are just acting.
Millionaires a the few who can afford to move out of New Jersey.
As with Maryland, I see a continuing mass exodus from these high tax states. I just home they don't bring their liberal idea's and problems with them!
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