New Jersey Gov. Proposes Millionaire’s Tax in State of State Address
In his second State of the State address, Murphy said he is not giving up on enacting a “Millionaire’s Tax” to ease the property tax burden on the state’s middle-class and seniors and to help fund the state’s public school system.
TRENTON, NJ—New Jersey Gov. Phil Murphy in his State of the State address on Tuesday proposed a number of economic development and tax initiatives, including a millionaire’s tax and a jobs training program called “Jobs NJ” as well as a plan to fix its much-maligned economic incentive program.
Another key business-related focus of the Murphy Administration will be improving NJ Transit. In his second State of the State address, Murphy said he is not giving up on enacting a “Millionaire’s Tax” to ease the property tax burden on the state’s middle-class and seniors and to help fund the state’s public school system.
“The millionaires and corporate CEOs made out just fine in the last recession—and, I assure you, they will again when the next one hits. Thanks to the federal tax system, the richest 400 Americans now pay a lower tax rate than the nation’s middle class— the first time that has ever happened. The answer to ensuring we come out of any recession stronger than when we went in is not to tell the middle class and the most vulnerable, “perhaps another day, but not now. That choice was made in the last recession. And, the middle class paid the price,” the governor said.
Other economic-related programs or initiatives outlined in his address were maintaining New Jersey’s economic competitiveness via a “targeted, responsible, and capped incentive system.”
The Murphy Administration will implement Jobs NJ, a talent-based economic development strategy that will expand access to education and training opportunities to make sure the state is training people for high-quality, in-demand jobs.
The governor also noted that NJ TRANSIT will unveil its 10-year strategic plan and a five-year capital plan to advance his administration’s commitment to improve NJ TRANSIT services.
He also promised that in the coming weeks he will unveil New Jersey’s new Energy Master Plan that will lay out how New Jersey will achieve the target goal of a 100% clean-energy economy by 2050.