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.