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Tax News: NJ Gov. Murphy Suggests at Tax Hikes

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New Jersey Gov. Murphy suggested that tax hikes and other “revenue raisers” will be necessary in New Jersey to help the state government recover from billions in lost tax dollars due to the coronavirus.

Murphy revealed a plan allowing the state government to borrow up to nearly $10 billion to help fill an expected multi-billion-dollar gap in the state budget.

The administration also forecasts tax collections will be $7.2 billion lower through June 30 than the $41.2 billion included the state budget Murphy proposed earlier this year. The gap is smaller by billions of dollars if the new estimate for next year is compared against this year’s $38.7 billion budget.

The governor pushed to raise taxes on income above $1 million; to return the sales tax to 7%; and for each agency in state government to find 15% in cuts.

Concerns of multigenerational indebtedness of New Jersey State are being raised as opposition to the Murphy regime continues to grow. The New Jersey Division of Taxation is expected to gear up collection and enforcement actions in response to the revenue demands.

For any questions or assistance, please contact the Tax Attorneys at Fazzio Law, we are in your corner!

Category: Tax

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