New Jersey Governor Doubles Down on Marijuana Legalization

New Jersey Governor Doubles Down on Marijuana Legalization

New Jersey Governor Phil Murphy announced Tuesday that the state will triple spending on New Jersey Transit and infrastructure. He is calling for expanding the sales tax to ride-sharing and certain accommodations like Airbnb.

Murphy stated he also wants to increase the state's contribution to public education by about 8-percent or $1 billion.

New Jersey residents would pay a new 10.75 percent marginal tax rate on any income above $1 million.

Republican lawmakers say that the Office of Legislative Services is forecasting a budget surplus of $800 million to $1.5 billion.

"That's simply irresponsible", he said.

Murphy's budget would raise taxes by almost $1.6 billion in one of the country's highest-taxed states while also increasing spending on education and transit.

"Legalization will allow us to reinvest directly in our communities - especially the urban neighborhoods hardest hit by the misguided War on Drugs", Murphy said. The top tax rate is now 8.97 percent, for income over $500,000.


The Democratic governor's $37.4 billion blueprint included a plan to restore the sales tax to 7 percent.

The hike in the millionaires' tax would generate about $750 million.

The Democrat is calling for almost tripling the state's subsidy to New Jersey Transit, increasing general fund support from $141 million to $383 million. They say that they don't support raising income taxes after the federal tax law passed, which limited those state and local deductions.

A tax on millionaires is just one of Murphy's proposed tax changes and hikes.

"Our goal is to modernize the program in New Jersey, bring it up to current standards, and put patients first", he said.

The governor also wants to increase the earned-income tax credit, which helps lower-income residents, and create a child care tax credit.

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