Shutdown Averted, Murphy, Sweeney and Coughlin Agree On Tax Increases

Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin came to terms on tax increased in the New Jersey FY2019 Budget today, averting a shutdown of state government.

While the Senate and General Assembly will not vote on the budget legislation before the midnight deadline tonight, Murphy said that he will not close the government.  Sweeney and Coughlin announced that their Chambers will be in session at 8:00 a.m. on Sunday morning.

Under the budget deal announced by the Democrat leaders this evening, New Jersey resident with over $5 million in earnings will see their state income tax rise to 10.75%.

Corporations will have a 2.5% business tax surcharge for two years, followed by a 2% surcharge in FY2021 and 1.5% in FY2022, before phasing out entirely.  The Democrats did not announce an income threshold on the CBT.

 

UPDATE:  Late start on Sunday..still lots of details being worked out

 

Posted: June 30th, 2018 | Author: | Filed under: New Jersey, New Jersey State Budget | Tags: , , | 11 Comments »

11 Comments on “Shutdown Averted, Murphy, Sweeney and Coughlin Agree On Tax Increases”

  1. Yawn. said at 9:43 am on July 1st, 2018:

    Watch closely: he’s got three more budgets to continue the ongoing whack-a-mole against the makers and taxpayers. Let’s see if the exodus of broke, disgusted companies and individuals continues, and see what will be left..

  2. Gary Rich said at 10:33 am on July 1st, 2018:

    As usual Murphy taking the easy way out by raising taxes. For a rich guy he likes spending OPM.

    Maybe time for a third party?

    Term limits and Initiative and Referendum?

  3. Marlboro Male said at 11:56 am on July 1st, 2018:

    @ Gary Rich – the only thing a third party will do is help elect democrats

  4. Gary Rich said at 9:05 pm on July 1st, 2018:

    I know that is what most people think.

    This movement is about ideas and inclusion from all of the people who are tired of the same old stuff.

    My plan is to have a meeting in August to reach out to discuss this possibility.

    In the 90’s we ran citizen candidates and captured well over 120,000 votes. No internet or social media.

    Keep an open mind because we cannot just sit back. This government belongs to all of us.

  5. Marlboro Male said at 8:47 am on July 2nd, 2018:

    It’s not an opinion it’s a fact. There are something like 800,000 more registered Democrats in New Jersey. We are outnumbered to begin with if you add a third party it will just water down the minority even further. Better to try and strengthen our party and grow the numbers from there

  6. Didn't said at 8:57 am on July 2nd, 2018:

    the short-lived Bayshore Tea Party basically try this a couple years back? How did that turn out?

  7. @ Gary Rich said at 11:16 am on July 2nd, 2018:

    If you are Former Freeholder Gary Rich, you are no better than John Curley. All you will do is help Democrats

  8. Marlboro Male said at 11:44 am on July 2nd, 2018:

    I bet the hundred and twenty thousand votes that when to a third party candidate in the 90s that you speak about cost Republicans their seats. I’d be interested to know how that impacted those elections

  9. Dennis Henderson said at 12:10 pm on July 2nd, 2018:

    Native New Jersians never have met a tax or toll they were not willing to pay. I guess that is why so many Baby Boomers are moving out of the state. People vote with their feet.

  10. Gary Rich said at 12:18 pm on July 2nd, 2018:

    Come join the conversation in August to propose some ideas and participate with me.

    This will take time.

    Keep the faith, never give up.

  11. Marlboro Male said at 6:10 pm on July 2nd, 2018:

    Exchanging ideas is one thing, splitting the vote and hurting the Republican party is another. While not perfect the Republican party is the only hope for this state. The Democrats are so far out of touch and to the left they are destroying the state more and more everyday they have the majority. I’m not interested in helping them