New Jersey Lawmakers Approve Budget With Murphy’s Millionaire Tax
- Borrowing jumps to $4.5 billion to address revenue shortfall
- Democratic-led Assembly, Senate cut governor’s pension payment
This article is for subscribers only.
New Jersey’s legislature approved a $32.7 billion budget that borrows almost 14% of the total, raises millionaires’ income taxes and cuts the proposed pension payment. Governor Phil Murphy, whose fellow Democrats control the Assembly and Senate, has said he will sign it.
The spending plan, for the 2021 fiscal year that starts on Oct. 1, covers a nine-month cycle. New Jersey had added three months to the current fiscal year to help navigate uncertainty about its revenue amid a pandemic that in six months has killed more than 16,000 people in the state.