Spending and New Taxes in Gov Murphy Budget Address

Gov Murphy  budget adds 2.2 Billion in spending  and 6 new taxes.

-Governor Murphy is proposing an additional $6.5 million in funding to support a $200 per student for nonpublic school security needs, up from the current $150 per student, which is equal to what public school students receive. (S Schorr)
- Millionaires tax  Murphy wants to raise taxes on people with more than $1 million in income

-Murphy wants to raise the tax on cigarettes to $4.35, from $2.70 which is on par with New York and Connecticut highest in the nation behind DC.

-New Jersey’s K-12 public school districts will receive $9 billion in aid, an increase of more than $300 million. The increased aid includes a new $50 million emergency fund for districts that are losing state aid as part of a shakeup of the school funding formula.

-$1.1 billion increase in our overall pension payment,

tuition-free community college to also include public four-year universities would be open to students with household income below $65,000 a year. Murphy’s budget sets aside $50 million to fund the initiative.