NJ governor proposes tax hikes, legal marijuana in first budget

NJ governor proposes tax hikes, legal marijuana in first budget

While Mr. Christie was still in office, many Democrats, including Mr. Sweeney, supported Mr. Murphy's proposal to raise taxes on the wealthy.

Murphy, a Democrat, also said he wants to increase the state's contributions to public education by about 8 percent, or $1 billion.

New Jersey Governor Phil Murphy announced Tuesday that the state will triple spending on New Jersey Transit and infrastructure.

School aid would account for almost $15 billion in state spending, including the payment into the teachers' pension fund.

Republican lawmakers their analysis shows a budget surplus could be as high as $1.5 billion.

Republicans say tax hike might encourage more residents and companies to move elsewhere.

Sen. Robert Singer (R-Lakewood) said that, between the governor pursuing a millionaires tax and Sweeney's plan to increase the corporate tax, the state is going to deter people and businesses from moving in. If Murphy's sales tax increase goes through, that would be 32 percent.

Murphy's budget also calls for sales tax to increase from 6.625 percent to 7 percent and include ride-sharing services and accommodations like Airbnb.

We're Happy To Announce Queer Eye Fan Favorites Tom & Abby Are ENGAGED!
Tom Jackson wants the " Queer Eye " Fab 5 to attend and have roles in his (second) wedding to Abby . We can just see it now! They went to a auto show and planned to have dinner together the next week.

Municipal Market Analytics analyst Lisa Washburn said Murphy is facing political resistance to the millionaire's tax.

Murphy's proposes contributing $3.2 billion toward the state's pension system, which now receives funding from New Jersey Lottery revenues under legislation signed by Christie past year.

The budget includes more spending on schools.

Murphy wants to roll the cut back to 7 percent.

That agreement led to higher gas taxes for transportation funding, but also lowered the sales tax.

But if that happens, it'll get taxed: a 25 percent excise tax, plus the sales tax. Taxing carried interest, according to the budget, will generate $100 million, according to the administration.

Murphy wants to take a first step toward meeting his campaign goal of tuition-free community college by spending $50 million on the program, which would cover almost 15,000 students from families with incomes below $45,000.

The income tax proposal may face resistance even from his own party because of concerns that many New Jersey residents will be hit by the federal tax changes that cap deductions for state and local taxes at $10,000. The pension funding, which is up 14% from the current 2018 budget, would still put New Jersey only at a 60% actuarially funded level and on pace to be fully funded in 2023.

Related News:

  • Patriots fortunate to see Kirk Cousins stay in NFC

    Patriots fortunate to see Kirk Cousins stay in NFC

    NFL Network reported that the deal is for $86 million. "Will only confirm they'll get the first visit", McCartney told the the St. After a long recovery, he returned to the field midway through the 2017 season and served as the backup for Case Keenum.
    Villa beat Wolves to boost promotion hopes

    Villa beat Wolves to boost promotion hopes

    Vexed supporters of the Molineux club took to social media to vent about the Villa boss. There's a long way to go still but we've given ourselves a real chance.

    Credit Agricole SA Sells 499645 Shares of Occidental Petroleum Co. (OXY)

    The institutional investor owned 2,552 shares of the oil and gas producer's stock after selling 499,645 shares during the period. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, hitting the Zacks' consensus estimate of $0.41.
  • Analyst Forecast Changes: Cabot Oil & Gas Corporation (COG)

    Reilly Fincl Advisors Limited Liability accumulated 531 shares. 225,058 were accumulated by Natl Bank Of Nova Scotia. The average revenue per share growth rate of Cabot Oil & Gas Corporation during the past 12 months was 49.8 percent.
    No charges for Locklear

    No charges for Locklear

    The actress, 56 years old, was arrested, hospitalized and placed in police custody after being beaten with his may. Sgt Buschow told the LA Times more police had to be called to the house because she was resisting arrest.
    Closing Time Looms for All Toys R Us Stores

    Closing Time Looms for All Toys R Us Stores

    The payments stopped without explanation, said the people, who asked not to be identified because the matter is private. Bloomberg reported last week that the retailer was making preparations for a liquidation of its domestic business.
  • Parliament washout: Finance Bill not taken up

    Parliament washout: Finance Bill not taken up

    With the Opposition parties refusing to return to their seats, the Speaker adjourned the House for almost one hour till 12 noon. Both the Houses have failed to function since the second leg of Budget Session began on March 5.
    Radford University fans celebrate after big victory in NCAA Tournament

    Radford University fans celebrate after big victory in NCAA Tournament

    Averaging 20.9 points per game during the season, Hernandez was just 3 for 11, including 1 for 5 from the 3-point line. Villanova was previously a No. 1 seed in the Minneapolis Region in 2006 and in the East Region in 2015 and 2017.
    Cleveland Browns still awaiting decision from star tackle Joe Thomas

    Cleveland Browns still awaiting decision from star tackle Joe Thomas

    Mark Daniels, of the Providence Journal , cautioned not to rule out a return to Foxborough for the free agent. The Browns' pursuit of Solder will undoubtedly make it hard for him to pass up their offer.
  • The Real Reason Ronda Rousey Missed 'Monday Night Raw'

    The Real Reason Ronda Rousey Missed 'Monday Night Raw'

    However, she may put the time away to good use as she hones her craft for her first ever match at WrestleMania . Rousey signed a multi-year contract so she's unlikely to go back to MMA anytime soon.
    Manchester United's Michael Carrick confirms retirement at end of season

    Manchester United's Michael Carrick confirms retirement at end of season

    I understood after getting back fit that I wouldn't be playing as many games as perhaps I might have done, but that's something that I understood. "I need to keep myself fit and ready".
    Man Utd employee reveals the truth following Jose Mourinho's claim about Rashford

    Man Utd employee reveals the truth following Jose Mourinho's claim about Rashford

    Eric Bailly's freaky own goal gave Liverpool hope in the second half, but United held on for a first victory over their North West rivals since January, 2016.


Most liked

Analyst rating score for Teva Pharmaceutical Industries Limited (TEVA) stands at 3.10
Oppenheimer reiterated a "hold" rating on shares of Teva Pharmaceutical Industries in a research note on Thursday, February 8th. An increasing ROE indicates that a company is improving its ability to make profit without requiring as much capital.

Geraghty Pilots Buveau D'Air To Cheltenham Feature Repeat
Bad luck was the only thing that was going to beat him, and he didn't get bad luck today. "He dug deep thankfully, what a buzz". Mullins continued: "Yorkhill is just not performing, it's a real head scratcher, sometimes horses take a year out".

[MONEY20/20] Grab debuts micro financing JV
Grab operates in eight countries in Southeast Asia and says its app has been downloaded on over 86 million mobile devices. What's new with Grab Financial is the addition of loan and insurance services to individuals around in Southeast Asia.

Jonathan Stewart Expected to Sign with Giants After Panthers Release
Stewart joins a backfield that includes 2017 fourth round pick Wayne Gallman and 2016 fifth round pick Paul Perkins . He became Carolina's all-time leading rusher in 2017 after surpassing DeAngelo William's previous record in October.

HBK Investments LP Reduces Position in Freeport-McMoRan Inc (FCX)
After $0.51 actual EPS reported by Freeport-McMoRan Inc. for the previous quarter, Wall Street now forecasts 17.65 % EPS growth. Finally, Schwab Charles Investment Management Inc. lifted its position in Freeport-McMoRan by 1.6% during the fourth quarter.

Border issue: Centre to hold Assam, Mizoram meet
This was conveyed to Hailakandi Deputy Commissioner Adil Khan by Kolasib Deputy Commissioner, R. It said at least eight journalists were injured and sought justice for them.

Instagram and Snapchat Temporarily Remove GIFs in Stories
It has also revealed that it was a bug that went unnoticed and allowed that particular GIF to appear on Snapchat and Instagram. Both apps explained that all GIFs shared within their apps are meant to be "PG-rated", to be suitable for their 13+ audience.

There's more bad news at VA
Kelly did tell Shulkin that he would help him with the issues he was having with staffers at the VA, according to Axios .

Seahawks fan verbally attacks players over national anthem protests - WARNING: GRAPHIC LANGUAGE
The woman is upset that players have been kneeling during the national anthem in protest of racial injustice in America. After being berated by the lady, one of the players asked for her name, but she was in no mood to respond.

Monster Hunter World Devil May Cry Collaboration Announced, Watch the Trailer Now
Continuing the adventure of Dante, soon you'll be able to play as the Devil May Cry main character in Monster Hunter: World . You'll get to fight hellish foes in Monster Hunter: World to earn this devious combination of the Force Edge and Alastor.

Dion Lewis agrees to deal with Titans
He's the exact type of shifty, dual-threat back the Titans needed in the backfield alongside Henry. They agreed to a four-year deal with Patriots RB Dion Lewis according to ESPN's Adam Schefter .

The Geomagnetic Storm On March 18 To Miss Earth
The federal government's Ready.gov website offers tips on preparing for a major space weather event. For any of this to make sense, you should probably understand what a geomagnetic storm is.

Trump wants 'SPACE FORCE' to fight high tech wars in solar system
If the United States has to fight in space, developing a Space Force would make sense, he said. "We have the army, the navy". The US President was speaking to military personal in San Diego and explaining his new strategy when this idea was proposed.

Cuts Holdings in Adobe Systems Incorporated (NASDAQ:ADBE)
Palisades Hudson Asset Ltd Partnership holds 0.2% of its portfolio in Adobe Systems Incorporated (NASDAQ:ADBE) for 2,338 shares. It increased, as 42 investors sold ADBE shares while 327 reduced holdings. 62 funds opened positions while 213 raised stakes.

People Pray During Anti-Abortion Rally in Dublin
Save the 8th campaigners are expecting tens of thousands of people to join their march this afternoon. Abortion has always been a divisive issue on the once staunchly Catholic island.