Gov. Phil Murphy tries again for millionaires tax

Mike DeNardo
February 25, 2020 - 5:24 pm
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PHILADELPHIA (KYW Newsradio) — If at first you don't succeed, try, try again — that's what Gov. Phil Murphy is doing with his millionaires tax proposal. 

Murphy tried unsuccessfully the last two years to enact a higher income tax on people making more than $1 million a year. In his third budget address Tuesday, he brought it up again.

"A millionaires tax doesn't punish the rich. It lifts up the middle class. And that's good for everybody including the wealthiest among us," he said.

Related: Murphy pushes for expansion of millionaires tax by promoting incentives for middle class

And Murphy might have a better chance this time around. 

Senate president Steve Sweeney opposed the tax before, but says now he would consider it as long as the governor agrees to add $1 billion to the state pension fund. 

Murphy said the tax would generate nearly a half-billion dollars for education, which in turn would relieve the burden on property owners.

"Every new dollar in school funding is a new dollar of property tax relief. Every new dollar that we provide is a dollar that doesn't have to come out of the pockets of property tax payers,” he added. 

Murphy's $41 billion budget plan would also raise cigarette taxes and increase funding for New Jersey Transit.