AP NEWS

Murphy says revenue up, but he still seeks tax hike on rich

May 7, 2019

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.