Gov. Murphy Introduces Financial Plans at Budget AddressLast Edited:
Governor Phil Murphy proposed a few new changes for New Jersey at his first state budget address.
On Tuesday, March 13th, Murphy announced that he wants to raise the state sales tax to 7-percent and extend its reach, hike income taxes on the wealthy, and legalize recreational marijuana.
Under his budget plan, incomes over $1 million would be taxed at nearly 11-percent, which is up from the top bracket of 9-percent.
Murphy stated he also wants to increase the state's contribution to public education by about 8-percent or $1 billion.
His proposed spending plan of $37.4 billion is roughly 5-percent higher than former Gov. Chris Christie's final-year proposal.
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