The Democratic Governor of New Jersey Phil Murphy unveiled his vision for the state’s proposed budget Wednesday; raising taxes on “everything” in a bid to save the Garden State from ballooning debt and massive budget deficits.
Murphy -the liberal politician who replaced outgoing governor and presidential nominee Chris Christie- plans to fund the state’s record-setting $37.4 billion budget by increasing taxes on nearly everything, including: gambling, ride-sharing services, marijuana, tobacco, online sales, retail sales, and more.
The budget also increases spending for education, transportation services, and state-wide pension funds.
“If we enact another budget like the one our administration inherited, our middle class will continue to be the ones shouldering the burden, while seeing little in return,” Murphy said Tuesday. “A millionaire’s tax is the right thing to do… and now is the time to do it.”
“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,” writes Bloomberg. “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.”