Governor Murphy Proposes Raising Taxes By $1 Billion, Borrowing $4 Billion In Revised Budget Address

Governor Murphy is proposing to raise taxes and borrow massive amounts to help sustain New Jersey’s state finances that were wrecked due to the Covid-19 pandemic. 

In a revised fiscal budget address delivered by Murphy this morning in Piscataway, the governor proposed hiking taxes to bring in an additional $1 billion to the state’s coffers, and borrowing another $4 billion.

According to documents released by the Murphy administration, taxes would be raised on cigarettes, guns, boats, limousine services, and of course millionaires, a favorite target of Murphy’s.

Additionally, a surcharge on the state’s most profitable businesses that was meant to be phased out will instead remain in place permanently. Critics say that this will accelerate the exodus of economy-driving businesses from New Jersey.

Murphy’s revised budget proposal calls for the state to spend a total of $32.4 billion between October 1st of this year and June 30, 2021. An additional $2.2 billion would be kept in reserves in case the state is shut down again due to a second wave of coronavirus.

Governor Murphy also called on the federal government to pass another, more flexible, stimulus bill that could help prop up New Jersey’s unemployment programs, which have been a major factor in devastating New Jersey’s budget.

The revised state budget, including the tax hike proposal, would need to be passed in the Legislature by October 1st. Democrats, who control both chambers of the New Jersey Legislature, have repeatedly pushed back against Governor Murphy’s wishes to raise taxes on the state’s highest-earning individuals.

 

This content, and any other content on TLS, may not be republished or reproduced without prior permission from TLS. Copying or reproducing our content is both against the law and against Halacha. To inquire about using our content, including videos or photos, email us at [email protected].

Stay up to date with our news alerts by following us on Twitter, Instagram and Facebook.

**Click here to join over 20,000 receiving our Whatsapp Status updates!**

**Click here to join the official TLS WhatsApp Community!**

Got a news tip? Email us at [email protected], Text 415-857-2667, or WhatsApp 609-661-8668.

11 COMMENTS

  1. Sounds like a plan.
    Keep taxing. Keep spending. Eventually it’ll all balance itself out.
    And btw, Covid didn’t wreck NJ’s economy. Our stupid state laws did. We could’ve survived a 30-45 day shutdown. Not 5 months.

  2. Raise taxes? On profitable businesses? In New Jersey? With theaters, gyms, restaurants, concerts, and all convention as well as an enforced quarantine in place on visitors from other states, what “proftable business” is left to tax?

    I know! Tax the rioting looters in Trenton!.

  3. how about paying us the true unemployment that is owed for us instead of the flat $231 – can not even get an appeal response. Its 5+ months. and unemployment is also taxable. Wonder if state going to pay everyone interest on the money they are withholding from paying.

  4. Hey Governor CuomoMurphy how about you cut your spending the same way we have to cut our spending. It’s about time you learn to live within your means and not within our means.

    Hey New Jersey, it’s time we take our state back from the leftists. They’ve messed us up really really really bad! Start with this election. Get the Democrats away!

  5. Hey Governor knucklehead, who is going to pay your new taxes we have been out of work since Feb. We have no money, unless you want us to hand over the PPP checks we got.
    And where are you going to get the money for the $1,000 baby checks you want to give away.
    STOP trying to play Robin hood. STOP spending money the taxpayers don’t have!

  6. If the crooks in Trenton didn’t screw up the budget, which they covered with cooked books, in 19 and before. We wouldn’t need anything except a new Governor and to vote out his phony Democrat cronies.

Comments are closed.