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New Jersey budget proposal seeks taxes to boost programs, lift budget

Municipal Market Analytics analyst Lisa Washburn said Murphy is facing political resistance to the millionaire’s tax. Senate President Steve Sweeney, D-Gloucester, proposed an alternative to Murphy’s plan last week that would impose a 3% surcharge on corporations earning more than $1 million in net income to help increase school funding through $657 million of new revenue.

“Governor Murphy faces several obstacles in raising incremental and new revenues to fund rising legacy costs and his priorities that include increased education and infrastructure spending,” said Washburn. “His desired millionaire’s tax lacks full support…in large part because of the negative impact of tax reform on the SALT deduction.”

Tim Holler