Former Goldman Sachs banker Phil Murphy, the Democrat nominee for NJ Governor, promised to raise taxes on New Jersey citizens by $1.3 billion dollars if elected, according to an Observer report.
Murphy’s law would reinstate the the McGreevey/Corzine era “millionaires tax” to raise $600 million. $300 million would come from taxing legalized marijuana. New Jersey businesses would be on the hook for an additional $290 million and hedge fund managers would be required to chip in an additional $80-$100 million, if they don’t move to Pennsylvania or New York, under Murphy’s plan.
The plan would solve all of New Jersey’s problems and lower property taxes, according to Murphy’s spokesman.
“Phil has put forward a responsible plan to restore New Jersey’s fiscal standing while ensuring we meet our obligations, fund public education, and provide property tax relief,” Murphy campaign spokesman Derek Roseman told Observer. “It recognizes that our deep-rooted issues need immediate attention and puts the state on a firm path forward. It is based on realistic accounting and benchmarks, and a means of meeting both.”
In an interview with MMM yesterday, Republican gubernatorial nominee Kim Guadagno said Murphy “is not talking about how to make New Jersey affordable again. He’s promised an increase in spending of $75 billion, billion, dollars in New Jersey. That’s just not realistic, it’s not authentic. It’s not what New Jerseyans believe and it’s not what New Jerseyans want.”