Tax hikes for millionaires, hedge fund managers, large corporations and pot smokers anchor Democrat’s plan.
Phil Murphy’s proposed tax increases would raise roughly $1.3 billion a year, his spokesman told Observer on Thursday, releasing for the first time a cost estimate of the Democratic gubernatorial nominee’s plans to pay for a multitude of campaign promises.
A separate $80 million to $100 million would be generated through savings from reining in out-of-network health care costs for public workers covered by state plans, the spokesman said, for a total annual gain of $1.4 billion in revenue.