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New Jersey’s New Budget Aims to Raise Taxes on Almost Everything

  • Democratic governor targets Ubers, Airbnbs and millionaires
  • Murphy’s plan includes record $3.2 billion pension payment
Shoppers use stairs at the Menlo Park Mall in Edison, New Jersey.

Shoppers use stairs at the Menlo Park Mall in Edison, New Jersey.

Photographer: Michael Nagle/Bloomberg
Updated on

New Jersey Governor Phil Murphy proposed taxing online-room booking, ride-sharing, marijuana, e-cigarettes and Internet transactions along with raising taxes on millionaires and retail sales to fund a record $37.4 billion budget that would boost spending on schools, pensions and mass transit.

The proposal, 4.2 percent higher than the current fiscal year’s, relies on a tax for the wealthiest that has yet to be approved and lacks support from key Democrats in the legislature. It also reverses pledges from Murphy’s predecessor, Republican Chris Christie, to lower taxes in a state where living costs are among the nation’s highest.