New Jersey Gov. Phil Murphy Proposes Raising Sales Tax Back to 7%

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In his first budget proposal as governor, 60-year-old Democrat Phil Murphy outlined how he intends to make good on campaign promises such as raising the minimum wage to $15 an hour, legalizing marijuana, providing free community college tuition and restoring troubled NJ Transit.

The cost would fall on every taxpayer in the form of a 7 percent levy on retail sales, tied for the second-highest rate among states and up from the current 6.625 percent. High-income earners would see their state income tax rate increase to 10.75 percent, the third-highest in the country, from the current 8.97 percent.

Murphy is also proposing new taxes on ride-sharing services like Uber and Lyft, home-sharing sites like Airbnb, legal marijuana sales and investment profits.

Read more at North Jersey News.

{Matzav.com}

4 COMMENTS

  1. Love it. The Governor has a mandate. The people of New Jersey overwhelmingly voted for this great man. This is what they want. Hurray. Enjoy.

  2. Congratulations, New Jersey. You guys just elected someone to steal your own money. But its ok, you will give up half your income as long as he doesn’t cause traffic on a stupid bridge for a few days.

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