NEWARK, N.J. — Gov. Phil Murphy pitched his budget proposal that includes an increase in funding for NJ Transit by $242 million, which would help pay for 110 new employees, new software, and more, all without a rate hike, NJ Advance Media reports.
To generate the necessary monies to fund the budget, Murphy wants to raise taxes by more than $1.5 billion, including a millionaires tax and reverting the state sales tax to 7% from 6.625%.
State lawmakers, however, are pushing a plan that would hike taxes on the state's very largest corporations to the highest level of any state in the U.S., instead of taxing residents. Murphy and the Legislature have until June 30 to enact a budget, or the state government could shutdown, which might include closed state parks, beaches, and agencies over the July 4 weekend. For the full story, click here.