the staff of the Ridgewood blog
Trenton NJ, Governor Phil Murphy’s newly proposed $58.05 billion state budget comes with significant tax increases for New Jersey residents while maintaining a $1.2 billion deficit. Despite Murphy’s optimistic tone, critics argue that the state continues to spend beyond its means, leaving taxpayers to foot the bill.
Proposed Tax Increases Impacting New Jersey Residents
Murphy’s fiscal year 2025 budget, unveiled Tuesday, proposes higher taxes on a wide range of goods and services, including:
✔ Streaming services, online gambling, and sports betting
✔ Cigarettes, vaping products, alcohol, and cannabis
✔ Luxury home sales (properties over $1 million)
✔ Boats and recreational vehicles
The governor’s plan also includes sales tax reforms, adding new exemptions for baby products such as cribs, car seats, bottles, and strollers, along with $50 million in subsidies for electric vehicle buyers.
Critics Call for Responsible Spending
Republican lawmakers and fiscal watchdogs argue that Murphy’s budget relies too heavily on tax hikes instead of cutting unnecessary spending.
👉 Assemblywoman Nancy Muñoz (R-Summit) criticized the budget, stating:
“We need to strip down to the studs and rebuild with responsible spending. How can people who depend on state services survive when the state is increasingly unaffordable?”
👉 Assembly Budget Committee Member Al Barlas (R-Essex) echoed similar concerns:
“Governor Murphy is unwilling to make the tough decisions to balance the budget. He proposed more than a dozen tax hikes, and it still won’t pay for his spending habits. That’s being careless with other people’s money.”
What’s in the Budget?
Despite the controversy, Murphy’s proposal includes major spending commitments, such as:
📌 $7.2 billion payment to New Jersey’s pension system
📌 $6.3 billion surplus
📌 Increased funding for local schools and municipal aid
📌 Property-tax relief checks for over 2 million homeowners and renters, ranging from $450 to $1,750
Sales Tax Changes and Revenue Impact
The proposed tax hikes are expected to generate hundreds of millions in additional revenue, with key increases including:
📈 Internet gaming and sports betting taxes rising to 25% (up from 15% and 13%)
📈 Luxury home sales tax increasing to 2% for properties over $1 million and 3% for those over $2 million
📈 Cigarette tax up by 30 cents per pack, vaping tax at 30%, and alcohol tax rising by 10%, projected to raise $69 million
The Bottom Line
Governor Murphy’s budget proposal sets the stage for a heated debate in Trenton, as lawmakers weigh the impact of these new taxes on residents and businesses. With the state already one of the most taxed in the nation, the question remains: Can New Jersey afford more tax hikes?
💬 What do you think of Governor Murphy’s tax proposals? Share your thoughts in the comments below!
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You are ONLY a taxpayer.
It is your job to SHUT UP and PAY!
Just like in Ridgewood…
This beaver toothed limousine liberal Ex-goldman sachs d-bag is so out of touch and is turning NJ into East California. And his syncophants in Trenton follow him like sheep. I guess spreading around all that ‘charity’ money to the minority community churches get things done (just like buying his job, and buying their endorsement for Tammy for Senate… a miserable failure)
Almost EVERY home hits that million dollar mark… so bend over… grab your ankles… murphy’s coming for your wallet (he barely got re-elected until a few votes seemed to be ‘found’ in the shithole cities)
“and is turning NJ into East California.”
And isn’t this WHAT HE PROMISED TO DO when he ran the first time??????
Taxes will never go down. With more and more people coming in to nj , and all the maintenance that needs to be done everyday what do you expect.
And yet we keep building.
Josh is has been fighting to make New Jersey more affordable for years. Take comfort in that folks.
Really? You’re out of touch as well!
No, no!
Just read the campaign signs he has been using since the first election!
Never, ever a thought to freeze or reduce expenses. Moving toward becoming a purple state, prayerfully red.
How much money is going to Feed the Frontline program, aka fill the pockets of Bergen Democrats and Vagianos businesses with zero trace of where 4M dollar food was delivered to?
good lol, tax the rich
Where are the comments from the Bergen County State Senators and Assembly What do they actually do?
I’ve seen Josh Gottheimer on his TV ads suggesting that he can reduce RE tax payments bye 15% if he is Governor. Isn’t it the responsibility of each municipality to create their budget? How will he get every municipality in the state to reduce their budget by 15%? Bergen County has 70 towns, I’d question each Mayor how that is possible under Gottheimer.
You know in Burton County they’ve been spending a lot of money repairing parks, which is a good thing they were deteriorated, but you need employees to maintain everything. Remember back in the 80s when everything went to shit no maintenance and everything just rotted and fell apart.