Governor Murphy Remains committed to a “Millionaire’s Tax”

the staff of the Ridgewood blog

Trenton NJ, Twice denied in his first two budgest, Governor Phil Murphy this afternoon told reporters that he remains committed to a millionaire’s tax. With Lieutenant Governor Sheila Oliver standing behind him, the Governor cited the tax as beneficial to prepare for a “rainy day.”

Senator Anthony M. Bucco responded to comments by Governor Murphy today on his plans to “continue to pound away” for an income tax increase in the coming year.

“When New Jersey leads the nation in the out-migration of residents to more affordable states, Governor Murphy’s pursuit of higher income taxes is insanity,” said Bucco (R-25). “His plans would cement New Jersey’s place as the highest taxed state in the nation. Instead, the Governor should ‘pound away’ on lowering the sky-high property, income, and business taxes that are driving New Jerseyans to leave the Garden State.”

At a press conference today, the Governor also said that raising income taxes on high earners would prepare New Jersey for a “rainy day.”

“Every penny in higher taxes that’s collected through Murphy’s proposed income tax increase would disappear into the black hole of the state budget,” added Bucco. “Even worse, that higher level of spending would be dependent on people who have the greatest ability to leave, which many are already doing. That income is highly variable and prone to steep declines when the economy turns, as New Jersey painfully learned during and after the Great Recession of 2008. Instead of preparing us for a ‘rainy day,” Governor Murphy would be repeating the failed fiscal policies of the McGreevey and Corzine administrations that led to more than 100 tax and fee increases on middle-class New Jerseyans when they could least afford them.”