When the state treasury was filled with cash, Gov. Phil Murphy proposed a spending plan of nearly $ 49 billion – about 5% more than the budget for last fiscal year – excluding new taxes and fees. And when the coronavirus pandemic receded, Murphy for the first time in two years spoke in person before the full legislature at the State House. The main topics of Murphy’s budget message were fiscal responsibility and affordability for New Jersey taxpayers who are under severe pressure.
Education leads the main items of Murphy’s budget proposal – 40% of spending and the allocation of $ 9.9 billion to help public schools K-12, which is $ 650 million more than last year.
New Jersey’s tax revenues rose 10% this year above forecasts. And federal aid in connection with the pandemic has added billions more. This is extra money that Murphy will distribute to ease the pressure on residents burdened by the country’s highest property taxes and high rents, with a new discount program called ANCHOR. Republican lawmakers have proposed an alternative income tax relief plan for people earning up to $ 500,000. This will give $ 500 to individuals, $ 1,000 to families – and don’t wait until the 2023 fiscal year begins.
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