Murphy says revenue up, but he still seeks tax hike on rich
EWING, N.J. (AP) — New Jersey Gov. Phil Murphy says tax revenues are coming in higher than expected and is proposing property tax relief if lawmakers pass a an income tax increase on millionaires.
Murphy, a Democrat, says he would put $250 million toward property tax relief if the Democrat-led Legislature approves his proposal to raise income tax rates on people making more than $1 million.
Murphy didn’t say exactly how he would help residents paying property taxes, which are levied at the local level. He spoke Monday at a town hall.
Lawmakers are currently weighing his $38.6 billion budget proposal. A balanced budget must be enacted by July 1.
The state treasurer is expected to brief lawmakers on revenue next week.
Murphy has long called for raising rates on the wealthy.