New Jersey. Gov. Phil Murphy delivers the State of the State address on Jan. 14, 2020. Photo by Carmen Natale/ALM Revised Budget Calls for New Taxes, $4 Billion in Borrowing, and No 'False Hope'
Gov. Phil Murphy's revised budget address was minus the usual ornate trappings of the cavernous General Assembly chambers in Trenton, where the governor's budget address usually takes place, and where it took place exactly six months ago, on Feb. 25.
August 25, 2020 at 06:45 PM
7 minute read
Gov. Phil Murphy delivered a revised fiscal year 2021 budget on Tuesday that calls for raising about $1 billion in new taxes—including a millionaire's tax—$1.25 billion in spending cuts across all state government, and $4 billion in emergency borrowing to meet revenue shortfalls caused by the pandemic, to get the state through the next nine months.
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