New Jersey governor wants higher taxes, money for schools

New Jersey governor wants higher taxes, money for schools

Gov. Phil Murphy unveiled an ambitious progressive agenda Tuesday when he pulled back the curtain on his $37.4 billion state budget proposal.

Under his budget plan, incomes over $1 million would be taxed at 10.75 percent, up from the top bracket of 8.97 percent.

"The governor's campaign goals such as instituting tuition-free community college and increasing funding for school districts will compete with rising pension costs", said Nuveen senior research analyst Kristen DeJong in her report.

Murphy's proposed spending plan of $37.4 billion is roughly 5 percent higher than former Gov. Chris Christie's final-year proposal. Senior administration officials said that would more than replace a reduction of around $120 million in federal funds and the money sent to NJT from the New Jersey Turnpike Authority.

Sen. Robert Singer (R-Lakewood) said that, between the governor pursuing a millionaires tax and Sweeney's plan to increase the corporate tax, the state is going to deter people and businesses from moving in.

The governor said that his goal with this budget is to build a stronger and fairer New Jersey.

Democratic leadership in the state House and Senate both issued polite statements promising a thorough review of Murphy's proposals without mentioning taxes.

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.

The budget proposes an additional $57 million in preschool funding, including an extra $25 million - bringing the total commitment to $50 million - to expanding preschool programs.

Murphy commended the idea that Van Drew and others moved forward of raising the state property tax deduction from its current limit of $10,000 to $15,000. New taxes are being proposed on rideshares like Uber and Lyft, home sharing sites like Airbnb, legal marijuana sales and investment profits.

Murphy's proposes contributing $3.2 billion toward the state's pension system, which now receives funding from New Jersey Lottery revenues under legislation signed by Christie a year ago.

The increase in the sales tax would generate at least a half-billion dollars.

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.

It's not a new tax as much as stricter enforcement of a tax on the books.



Related Posts

We're Happy To Announce Queer Eye Fan Favorites Tom & Abby Are ENGAGED!
Jackson invited the Fab 5 -Bobby Berk, Karamo Brown , Antoni Porowski , Jonathan Van Ness and Tan France - to be his groomsmen . Basically, we assumed that Tom and Abby would be walking off, hand-in-hand, into the sunset to forever live happily ever after.

Unlikely Trump will change course on tariffs
The steel sector, for example, supported as many as 650,000 American workers in the 1950s , yet now employs only about 140,000 . Certainly our farmers, our technology and pharmaceutical companies and our industrial blue-collar workers would applaud that.

Online Casinos that Accept UK Players
Since the UK has grown to become a thriving gambling market, numerous gaming destinations have popped up that provide the service. Since the UK is regarded as the online gaming hub of the world, gamblers in the region are in no short supply of casino options.

Trump floats idea of creating a 'Space Force'
Mr Trump said on Tuesday he wants a new military branch to be developed that recognises space as a "theatre of war". A lack of funding for NASA in that budget request would seem contrary to the creation of the " space force ".

Justice is served as new Judge Dredd figure preorders are now open
Despite the hefty price tag of $799.99, there is a 15% discount available for customers who pay in full or opt into a payment plan.

New York Jets finalizing deal with quarterback Teddy Bridgewater
No matter who the Jets pick, they'll need to cultivate a good young quarterback, something they have failed to do for years. The 28-year-old is leaving the Washington Redskins after playing for the last two seasons under a franchise tag.

Top Resources for NAHQ CPHQ Exam
This is why it is highly crucial that you go through the exam content outline or exam objectives before you start your study. You don’t need to buy these guides; having one of them is enough to give you all you need to prepare for your test.

Manchester United midfielder Carrick to retire
Carrick is to be offered a place on the manager's coaching staff but he would only say that is a " likely " option at the moment. Carrick grew up near Newcastle but moved to West Ham aged 15, where he made his professional debut.

Giants Sign Former Panthers RB Jonathan Stewart to Two-Year Deal
Stewart joins a backfield that includes 2017 fourth round pick Wayne Gallman and 2016 fifth round pick Paul Perkins . In Charlotte, Stewart worked with Giants general manager Dave Gettleman and offensive coordinator Mike Shula .

Magnetic storm lesser known facts: How is it caused and other FAQs
A solar storm is actually expected to impact the Earth from March 14 to March 15, but it certainly isn't massive . The initial news on the massive geomagnetic storm appeared on Monday, and soon after fired up Google News.

© 2015 ExpressNewsline. All Rights reserved.