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Governor Murphy’s Insane Budget Address , Borrow and Spend Like Crazy , Raise Taxes and Blame the Feds

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the staff of the Ridgewood blog

Trenton NJ, Governor Phil Murphy today released his revised budget proposal for Fiscal Year 2021 (FY 2021), including targeted cuts across State government, fair and equitable revenue raisers, an emergency borrowing proposal, and additional plans to invest federal funding received to date to help close what would have been a nearly $6 billion budget hole as a result of the COVID-19 pandemic.

The plan calls for a millionaire’s tax, an extension of the corporate business tax, a proposed boat tax, and other small taxes, including a cigarette tax. The proposal also included a massive scheme to  add $4B in borrowing,

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