Daily Tax Report: State

Murphy Abandons Push for N.J. Millionaire’s Tax in New Budget (1)

June 27, 2019, 6:00 PMUpdated: June 27, 2019, 6:55 PM

New Jersey Governor Phil Murphy said his proposed millionaire’s tax won’t be part of the budget for fiscal 2020.

Murphy said he will meet the state’s constitutional deadline to pass a budget by July 1. The governor told reporters he won’t shut down the government due to his disagreements over the spending plan with fellow Democrats in the legislature .

“Closing state beaches and parks only punishes the innocent,” Murphy said to reporters June 27 in Secaucus.

The legislature approved a $38.7 billion budget that scrapped Murphy’s millionaire’s tax. Murphy had said the levy would help fund education, transportation and...

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