Murphy budget calls for millionaire's tax, finds $1 billion in savings

Gov. Phil Murphy called for increased income taxes on anyone making $1 million a year or more in his 2020 budget address Tuesday, after announcing more than $1 billion in savings in voluntary public worker health care concessions and departmental spending.

He presented a total budget of $38.6 billion, which would increase spending by about $1 billion. Investments would increase in NJ Transit, education and a record public-worker pension payment of $3.8 billion.

“Let’s work together to apply the millionaire’s tax to every millionaire. By doing so, we can do more to relieve the burden on middle-class taxpayers and senior citizens who are taking it on the chin from the Trump administration’s tax scam,” Murphy said to a standing ovation from many in his administration and stony silence from Republicans.

The current spending plan expires July 1.

After the speech, Democrat legislators held a news conference in which they said they appreciate the savings Murphy announced but believe more spending cuts are possible and do not support income-tax increases.

Read more: https://www.pressofatlanticcity.com/news/press/new_jersey/murphy-budget-calls-for-millionaire-s-tax-finds-billion-in/article_7a8b8ccd-c67b-5e06-afe7-c1a30d7163bc.html