TRENTON, N.J. – The Senate budget committee is in session today to consider a FY 2021 budget which no one has seen (outside of the halls of power), Save Jerseyans. But we do know a few things.
For one? The baby bond idea is dead, at least for now. I’m not shocked. Murphy’s plan to tax the Middle Class and give their money away to other residents – including illegal residents – would’ve been a great issue for Republicans in 2021. Steve Sweeney is wise savvy enough to know that. Murphy might get away with it statewide but some of Sweeney’s legislators might not.
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Yet even WITHOUT that crazy idea included, folks, taxes are still going up AND the budget is STILL not balanced with $4.5 billion in borrowing – more than even Murphy originally proposed during his recent budget speech. NO SPENDING CUTS. Shouldn’t tightening one’s belt be the first step during a pandemic-induced fiscal crisis?
And what’s going up? Three things:
- A 2.5% state surcharge on corporations generating over $1 million in profit will now be permanent (it was supposed to be phased out)
- The millionaire’s tax (with a rate of 10.75%) will now apply to anyone earning over a $1 million annually (it’s currenly only impacting those crossing the $5 million threshold)
- HMO plans will now be taxed at 5%
