N.J. Democrats in Legislature Ditch Murphy's Millionaire Tax
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New Jersey lawmakers are pitching a $38.7 billion spending plan that lacks the millionaire’s tax that Governor Phil Murphy insists must be in effect starting July 1.
Their budget bill also got rid of Murphy’s new or higher taxes on corporations and prescription opioid manufacturers, and a $317 million rainy-day fund deposit. It retained Murphy’s $3.8 billion pension payment -- a record, though a pittance of what’s owed -- and added $50 million to what would be a $25 million net increase to the budget for New Jersey Transit, the struggling mass-transit provider.