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New Jersey’s New Budget Aims to Raise Taxes on Almost Everything
 [BLOOMBERG] 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. Murphy, a Democrat who replaced term-limited Christie on Jan. 16, said his goal is to give New Jerseyans more value for their tax dollars. He has promised additional spending on underfunded schools and transportation in a credit-battered state with an estimated $8.7 billion structural deficit for the fiscal year that starts July 1. "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 in his budget address to politicians. "A millionaire’s tax is the right thing to do ‐- and now is the time to do it."
Posted by: Fred 2018-03-15 |
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