Murphy: Tax bill hasn’t changed mind on millionaires’ tax
TRENTON, N.J. (AP) — Gov.-elect Phil Murphy says a GOP-led tax overhaul in Washington hasn’t changed his support for a millionaires’ tax increase in New Jersey.
Murphy spoke Tuesday after a meeting of one of his transition team’s committees in Trenton.
He says he’s “highly confident” the state would end up increasing rates. He promised during the campaign that he would hike income tax rates on income over $1 million.
His comments come after Senate Democratic President Steve Sweeney raised questions about going forward with the state tax hike as Washington lawmakers and GOP President Donald Trump consider a tax overhaul.
Murphy is banking on the revenues from the tax increase to help finance other promises, including public pension payments and increasing school funding.