TRENTON, N.J. — The Democrat legislature and Governor Phil Murphy appeared no closer to a budget deal on Friday despite the former having passed a FY 2019 framework — including major tax hikes on New Jersey businesses — over the former’s objections (he wants a millionaire’s tax instead).
Outgoing Assemblyman Michael Patrick Carroll (R-Morris) took particular issue with the Chairman of the Assembly Budget Committee’s remarks blaming “the former governor” (Chris Christie) for New Jersey’s $8 billion structural deficit.
“Who — or, rather which party — has been in control of the Legislature for the past 17 years and actually wrote the budgets?” said Carroll on Facebook.
The price of continued runaway spending could be very high, especially for job creators and those who’d like to find a job in New Jersey.
According to ATR’s Grover Norquist in a Save Jersey op-ed, “[c]ompanies, earning more than $25 million annually, would be hit with a 4 percent surcharge – giving New jersey the highest top corporate tax rate in the nation at 13 percent” if the legislative plan moved forward, and “[c]ompanies earning just $1 million annually would still be hit with a punitive 2.5 percent surcharge.”
Without a deal between Murphy and legislators, New Jersey would begin an operational government shutdown on July 1st.