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Governor Murphy promised to raise your taxes and boy has he kept that promise.
the staff of the Ridgewood blog
River Vale NJ, Assemblywomen Holly Schepisi lays out all the Phil Murphy tax increases :
“Governor Murphy promised to raise your taxes and boy has he kept that promise. Rather than cut spending, rather than eliminate government waste, he has increased spending by BILLIONS each year. Our tolls just went up by over 36% on the Turnpike and 27% on the Garden State Parkway. Our gas tax increases by another 9 cents on October 1. A new multi-billion dollar borrowing plan created a new “Statewide Property Tax” and yet these tax increases aren’t enough. Now we have the following coming soon to NJ courtesy of the tax and spend Democrats. Ask yourself one question, has your life in NJ become ANY easier over the past several years as a result of all of the new taxes and increased BILLIONS in spending? If no, where is this money actually going?”
1. Millionaire’s Tax – Increases marginal tax rate applied to income greater than $1 million to 10.75%. This change applies not only to “millionaires” but also applies to limited liability companies, limited partnerships and S corporations.
2. CBT Surtax – Imposes a 2.5% surtax on certain corporation business taxpayers with allocated taxable net income in excess of $1 million.
3. Cigarette Tax – raises the cigarette tax rate from $2.70 to $4.35 per pack.
4. HMO Assessment – Increases the annual assessment on net written premiums of HMOs from 3% to 5%.
5. Qualified Business Income – Imposes a 5% surtax on business income against gross income taxpayers having taxable income in excess of $1 million.
6. Opioid Assessment – Increases fees on opioid manufacturers and distributors.
7. Limousine and Boat Exemption – Imposes sales and use tax on certain limousine services. Repeals the 50% exemption and the maximum $20,000 tax limitation that applies to the sales and uses of boats, and repeals the use grace period on certain boats and vessels.
8. Neighborhood Revitalization Tax Credit – temporarily reduces the annual cap from $15 million to $12 million.
9, 10. Sale or delivery of guns and ammunition – Imposes a 2.5% excise tax on guns and 10% excise tax on ammunition.
1, 2, 3, 4. Increase fees related to the application and renewal of firearms, and fees required to obtain a gun permit,
identification card, and permit to carry – Actual increases of the fees are uncertain based on limited information from the administration.
5. Increases bear-hunting fee – Raises fee to $100 from $2.
6. Increases fingerprinting fee – Raises fee to $45 from $30.
7. Increases fee on traffic violations – Raises fee to $4 from $3.
8. Increases MVC registration fee – Raises fee to $4 from $3.”