| Democrats wrangle over which taxes to hike as budget nears |
Gov. Phil Murphy might have been expected to get his first budget through with few if any hurdles when he introduces it next week, but that’s not exactly how things are shaping up.
Murphy, a Democrat, will deliver his budget address on Tuesday to the Democrat-led Legislature, giving a glimpse of how he plans to achieve his campaign promises: funding pensions, education and other priorities such as free community college.
He has promised to raise taxes on incomes over $1 million as part of his pledge to finance his priorities, but his proposal is facing headwinds from lawmakers within his own party.
Democratic state Sen. Vin Gopal said that New Jersey is already too costly and that raising income taxes could make the problem worse: “A millionaires tax should be an absolute last resort.”
Gopal is echoing the sentiments of Senate President Steve Sweeney, who also said he views the millionaires tax as a last resort. Sweeney’s new view comes after the federal tax overhaul, which limits state and local tax deductions to $10,000.
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