Millionaires tax, $1 billion in cuts included in NJ Gov. Murphy’s revised budget

New Jersey
Phil Murphy

Phil Murphy (Photo by Spencer Platt/Getty Images)

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PISCATAWAY, N.J. — New Jersey Gov. Phil Murphy has proposed a nearly $40.1 billion budget that slashes about $1 billion in spending but also calls for higher taxes on millionaires and $4 billion in new debt to close gaps stemming from the coronavirus pandemic.

Murphy unveiled his second fiscal 2021 budget of the year on Tuesday at Rutgers’ SHI Stadium in Piscataway to make social distancing easier than inside the confines of the statehouse.

As the state struggles to recover amid the pandemic, the governor said it is time for millionaires and large corporations pay their fair share in taxes.

The millionaires tax would increase from 8.97% to 10.75% on gross income between $1 and $5 million, NJ.com reported.

“A millionaires tax will ensure fairness and justice in taxation and in society,” Murphy said. “In renewing my call for a millionaires tax, let’s be honest about who this pandemic has hit the hardest: our middle-class and low-income working families, and this tax would not impact them at all.”

The earlier, nearly $41 billion plan was scrapped because of the pandemic, which has killed more than 14,000 people in the state and resulted in about 190,000 cases.

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